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"ifrs-full:Equity", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-668": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-669": { "value": "6176000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-670": { "value": "
1 Background and general information
International Consolidated Airlines Group , S.A. (hereinafter \u2018International Airlines Group\u2019, \u2018 IAG\u2019 or \u2018the Group\u2019) is a leading European
airline group, formed to hold the interests of airline and ancillary operations. IAG (hereinafter the \u2018Company\u2019) is a Spanish company
registered in Madrid, incorporated on 17 December 2009. The registered address of IAG is El Caser\u00edo, Zona industrial 2, Camino de
La Mu\u00f1oza s/n, 28042, Madrid, Spain. On 21 January 2011, British Airways p lc and Iberia L\u00edneas A\u00e9reas de Espa\u00f1a S.A. Operadora
(hereinafter \u2018British Airways\u2019 and \u2018Iberia\u2019, respectively) completed a merger transaction becoming the first two airlines of the Group.
Vueling Airlines S.A. (\u2018Vueling\u2019) was acquired on 26 April 2013 and Aer Lingus Group Plc (\u2018Aer Lingus\u2019) on 18 August 2015. A list
of\u00a0the subsidiaries of the Group is included in the Group investments section.
IAG shares are traded on the London Stock Exchange\u2019s main market for listed securities and also on the stock exchanges of Madrid,
Barcelona, Bilbao and Valencia (the \u2018Spanish stock exchanges\u2019), through the Spanish Stock Exchanges Interconnection System
( Mercado Continuo Espa\u00f1ol).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-672": { "value": "International Consolidated Airlines Group , S.A. (hereinafter \u2018International Airlines Group\u2019, \u2018 IAG\u2019 or \u2018the Group\u2019)", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-671": { "value": "International Consolidated Airlines Group , S.A.IAG", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-673": { "value": "S.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-674": { "value": "is a leading European airline group, formed to hold the interests of airline and ancillary operations", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-675": { "value": "IAG", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-676": { "value": "El Caser\u00edo, Zona industrial 2, Camino de La Mu\u00f1oza s/n, 28042, Madrid, Spain", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-677": { "value": "Madrid", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-678": { "value": "Spain", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-679": { "value": "Spain", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-680": { "value": "
2 Significant accounting policies
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting
Standards as endorsed by the European Union (\u2018IFRS as endorsed by the EU\u2019). The consolidated financial statements are rounded to
the nearest million unless otherwise stated. These financial statements have been prepared on the historical cost convention except
for certain financial assets and liabilities, including employee benefit assets and liabilities, the \u20ac825 million convertible bonds due
2028, derivative financial instruments and other equity investments that are measured at fair value.
The Group\u2019s financial statements for the year to 31 December 2025 were authorised for issue and approved by the Board of
Directors on 26\u00a0February 2026.
Going concern
At 31 December 2025, the Group had total liquidity of \u20ac 10,948 million (31 December 2024: total liquidity of \u20ac 13,362 million),
comprising cash, cash equivalents and interest-bearing deposits of \u20ac8,319 million, and \u20ac2,629 million of committed and undrawn
general and overdraft facilities. At 31 December 2025, the Group had no financial covenants associated with its loans and borrowings.
In its assessment of going concern, the Group has modelled two scenarios referred to below as the Base Case and the Downside
Case over the period of at least 12 months from the date of the approval of these consolidated financial statements (the \u2018going
concern period\u2019). The Group\u2019s three-year business plan, used in the creation of the Base Case, was prepared for and approved by
the\u00a0Board in December 2025. The business plan takes into account the Board\u2019s and management\u2019s views on capacity, based on the
potential impact of the wider economic and geopolitical environments on the Group\u2019s businesses across the going concern period.
The key inputs and assumptions underlying the Base Case through to 31 March 2027 include:
\u2022 The Group has assumed that the committed and undrawn general and overdraft facilities of \u20ac2,629 million will not be drawn over
the going concern period. The availability of certain of these facilities reduces over time, with \u20ac2,568 million being available to the
Group at 31 March 2027;
\u2022 Of the capital commitments detailed in note 15, \u20ac2,048 million is due to be paid over the period to 31 March 2027;
\u2022 The Group has assumed none of the expected aircraft deliveries over the going concern period are financed; and
\u2022 The shareholder returns detailed in note 37.
The Downside Case applies stress to the Base Case to model adverse commercial and operational impacts over the going concern
period, represented by: reduced levels of capacity operated in each month, including reductions of 25% for three months over the
going concern period; reduced passenger unit revenue per available seat kilometre (ASK); increases in the price of jet fuel by 20%
above that assumed in the Base Case; and increased operational costs. In the Downside Case, over the going concern period,
capacity would be 10% down when compared to the Base Case. The Downside Case assumes that British Airways and Iberia would
be required to partially draw down their portions of the available US dollar Revolving Credit Facility. The Directors consider the
Downside Case to be a severe but plausible scenario.
Having reviewed the Base Case and the Downside Case, the Directors have a reasonable expectation that the Group has sufficient liquidity
to continue in operational existence for a period of at least 12 months from the date of approval of the consolidated financial statements
and hence continue to adopt the going concern basis in preparing the consolidated financial statements at 31 December 2025.
Consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiaries, each made up to
31\u00a0 December, together with the attributable share of results and reserves of associates and joint ventures, adjusted where
appropriate to conform to the Group\u2019s accounting policies.
Subsidiaries are consolidated from the date of their acquisition, which is the date on which the Group obtains control, and continue
to be consolidated until the date that such control ceases. Control exists when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
The Group applies the acquisition method to account for business combinations. The consideration paid is the fair value of the assets
transferred, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed
in\u00a0a business combination are measured initially at their fair values at the acquisition date. Non-controlling interests represent the
portions of profit or loss and net assets in subsidiaries that are not held by the Group and are presented separately within equity
in\u00a0the Consolidated balance sheet. Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, as at the acquisition date the acquirer\u2019s previously held equity interest in the
acquiree is remeasured to fair value at the acquisition date through the Income statement.
Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling
interest over the net identifiable assets acquired and liabilities assumed.
All intragroup account balances, including intragroup profits, are eliminated in preparing the consolidated financial statements.
Unconsolidated structured entities
The Group regularly uses sale and leaseback transactions to finance the acquisition of aircraft. In certain instances, the Group will
undertake several such sale and leaseback transactions at once through Enhanced Equipment Trust Certificates (EETCs). Under
each of these financing structures, a company or companies (the \u2018EETC Issuer\u2019) are established to facilitate such financing on behalf
of a number of unrelated investors. In certain of these financing structures, additional special purpose vehicles (the \u2018Lessor SPV\u2019)
are\u00a0established to provide additional financing from a number of further unrelated investors to the EETC Issuer. The proceeds from
the issuance of the EETCs by the EETC Issuer, and where relevant the proceeds obtained from the Lessor SPV, are then used to
purchase aircraft solely from the Group. The Group will then enter into fixed rate lease arrangements (which meet the recognition
criteria of Asset financed liabilities) with the EETC Issuer, or where relevant the Lessor SPV, with payments made by the Group
to\u00a0the EETC Issuer, or the Lessor SPV, distributed, through a trust, to the aforementioned unrelated investors. The main purpose
of\u00a0the\u00a0trust structure is to enhance the credit-worthiness of the Group\u2019s debt obligations through certain bankruptcy protection
provisions and liquidity facilities, and also to lower the Group\u2019s total borrowing cost.
The EETC Issuer and the Lessor SPV are established solely with the purpose of providing the asset-backed financing and upon
maturity of such financing are expected to have no further activity. The relevant activities of the EETC Issuer and the Lessor SPV
are\u00a0restricted to pre-established financing agreements and the retention of the title of the associated financed aircraft. Accordingly,
the Group has determined that each EETC Issuer and the Lessor SPVs are structured entities. Under the contractual terms of the
financing structures, the Group has no exposure to losses in these entities, does not own any of the share capital of the EETC Issuer
or the Lessor SPV, does not have any representation on the respective boards and has no ability to influence decision-making.
In\u00a0addition to the above, such financial transactions expose the Group to no further significant financial or economic risks, such
as\u00a0no\u00a0variability over time in interest rates.
In considering the aforementioned facts, management has concluded that the Group does not have access to variable returns from
the EETC Issuers and Lessor SPVs because its involvement is limited to the payment of principal and interest under the arrangement
and, therefore, it does not control the EETC Issuers or the Lessor SPVs and as such does not consolidate them.
Further information as to the financial impact of these financial transactions is given in note 26.
Joint Business Agreements
The Group has established various contractual joint arrangements with carriers outside the Group, commonly referred to as Joint
Business Agreements, that enable the Group and those carriers involved to cooperate on flights between particular destinations and
the sharing of the resultant revenues. These Joint Business Agreements are not structured through separate legal entities. Each such
arrangement includes a reference year to which the carriers party to that arrangement determine their share of the total revenues
generated on the aforementioned flights within a fiscal year. The resultant impact of the revenue shared is presented net within
Passenger revenue in the Income statement.
Segmental reporting
Operating segments are reported in a manner consistent with how resource allocation decisions are made by the chief operating
decision-maker. The chief operating decision-maker, who is responsible for resource allocation and assessing performance of
the\u00a0operating segments, has been identified as the IAG Management Committee.
Foreign currency translation
a Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the functional currency, being the
currency of the primary economic environment in which the entity operates. In particular, British Airways and IAG Loyalty have
a\u00a0functional currency of pound sterling. The Group\u2019s consolidated financial statements are presented in euros, which is the Group\u2019s
presentation currency.
b Transactions and balances
Transactions in foreign currencies are initially recorded in the functional currency using the rate of exchange prevailing on the date
of the transaction. Monetary foreign currency balances are translated into the functional currency at the rates ruling at the balance
sheet date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at balance
sheet exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement,
except where hedge accounting is applied. Foreign exchange gains and losses arising on the retranslation of monetary assets and
liabilities classified as non-current on the Balance sheet are recognised within Net currency retranslation credits/(charges) in the Income
statement. All other gains and losses arising on the retranslation of monetary assets and liabilities are recognised in operating profit.
c Group companies
The net assets of foreign operations are translated into euros at the rate of exchange ruling at the balance sheet date. Profits and
losses of such operations are translated into euros at average rates of exchange during the year. The resulting exchange differences
are taken directly to a separate component of equity, the Currency translation reserve, until all or part of the interest is sold, when
the relevant portion of the cumulative exchange difference is recognised in the Income statement.
Property, plant and equipment
Property, plant and equipment are held at cost. The Group has a policy of not revaluing property, plant and equipment. Depreciation
is calculated to write off the cost less the estimated residual value on a straight-line basis over the economic life of the asset.
Residual values, where applicable, are reviewed annually against prevailing market values for equivalently aged assets and
depreciation rates adjusted accordingly on a prospective basis.
a Fleet
All aircraft are stated at the fair value of the consideration given after taking account of manufacturers\u2019 credits and pre-delivery instalment
payments (referred to as progress payments). Fleet assets owned or right- of- use (ROU) assets are disaggregated into separate
components and depreciated at rates calculated to write down the cost of each component to the estimated residual value at the
end of their planned operational lives (which is the shorter of their useful life or lease term) on a straight-line basis. Depreciation
rates are specific to aircraft type, based on the Group\u2019s fleet plans, within overall parameters of between 23 and 24 years and up
to\u00a05% residual value for short-haul aircraft and between 23 and 31 years (depending on aircraft) and up to 5% residual value for
long-haul aircraft.
ROU assets are depreciated over the shorter of the lease term and the aforementioned depreciation rates. Where the lease includes
a purchase option, at the discretion of the Group, and it is expected that the purchase option will be exercised, the associated ROU
asset is depreciated using the aforementioned depreciation rates to reflect the reasonably certain life of\u00a0the\u00a0aircraft, irrespective
of\u00a0the lease term.
Cabin interior modifications, including those required for brand changes and relaunches, are depreciated over the lower of 12 years
and the remaining economic life of the aircraft, whether owned or leased.
Spare parts for aircraft and engines acquired on the introduction or expansion of a fleet, as well as rotable spares purchased
separately, are carried as property, plant and equipment and generally depreciated in line with the fleet to which they relate.
b Other property, plant and equipment
Owned property, with the exception of freehold land, is depreciated over its expected useful life over periods not exceeding
50\u00a0years on a straight-line basis. ROU assets arising from leasehold properties are depreciated over the lease term on a straight-line
basis. Equipment is depreciated over periods ranging from four to 20 years on a straight-line basis.
c Capitalisation of interest on assets under construction
Interest costs attributed to progress payments made on account of aircraft and other qualifying assets under construction are
capitalised and added to the cost of the asset concerned. All other borrowing costs are recognised in the Income statement in the
year in which they are incurred.
d Liquidated damages
Certain of the Group\u2019s contractual arrangements with aircraft and engine manufacturers contain liquidated damages clauses, whereby if the
supplier breaches one or more contractual clauses (such as delays in the timing of delivery of an aircraft or engine) then damages are payable
to the Group. Liquidated damages are recognised in the Income statement only to the extent that they relate to compensation for loss of
income and/or incremental operating costs, when a contractual entitlement exists, the amounts can be reliably measured and the receipt
is\u00a0virtually certain. When liquidated damages do not relate to compensation for loss of income and/or incremental operating costs, the
amounts are recorded as a reduction in the cost of the associated aircraft in the Balance sheet and depreciated over the life of the aircraft.
When compensation, not related to the loss of income and/or incremental operating costs, is received in advance of the associated
delivery of the aircraft and/or engine, the Group recognises the amount within Other creditors until such time as the aircraft and/or
engine is delivered, at which time the amounts are transferred and recorded as a reduction in the cost of the associated asset. Such
compensation is recorded in the Cash flow statement within cash flows from investing activities under the caption of Acquisition
of\u00a0property, plant and equipment and intangible assets.
e Leases
The Group leases various aircraft, properties, equipment and other assets. The lease terms of these assets are consistent with the
determined useful economic life of similar assets within property, plant and equipment.
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified tangible asset for a period in exchange for consideration. The Group
has elected not to apply such consideration where the contract relates to an intangible asset, such as for landing rights or IT
software, in which case payments associated with the contract are expensed as incurred.
Leases are recognised as a lease liability and as a corresponding ROU asset at the date at which the leased asset is available for
use\u00a0by\u00a0the\u00a0Group.
Lease liabilities
Lease liabilities are initially measured at their present value, which includes the following lease payments: fixed payments (including
in-substance fixed payments), less any lease incentives receivable; variable lease payments that are based on an index or a rate;
amounts expected to be payable by the Group under residual value guarantees; the exercise price of a purchase option, if the Group
is reasonably certain to exercise that option; payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option; and payments to be made under reasonably certain extension options.
Aircraft lease payments are discounted using the interest rate implicit in the lease. The interest rate implicit in the lease is the
discount rate that, at the inception of the lease, causes the aggregate present value of the minimum lease payments and the
unguaranteed residual value to be equal to the fair value of the leased asset and any initial indirect costs of the lessor. For aircraft
leases these inputs are either generally observable in the contract or readily available from external market data. The initial direct
costs of the lessor are considered to be immaterial. If the interest rate implicit in the lease cannot be determined, the Group entity\u2019s
incremental borrowing rates are used.
Each lease payment is allocated between the principal and finance cost. The finance cost is charged to the Income statement over
the lease\u00a0period so as to produce a constant periodic rate of interest on the remaining balance of the lease liability for each period.
After the\u00a0commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the
lease payments\u00a0made.
The carrying amount of lease liabilities is remeasured if there is a modification of the lease contract, a reassessment of the lease term
(specifically in regard to assumptions regarding extension and termination options) or changes in variable lease payments that are
based on an index or a rate.
Right-of- use assets
At the lease commencement date, an ROU asset is measured at cost comprising the following: the amount of the initial measurement of the
lease liability; any lease payments made at or before the commencement date less any lease incentives received; and any initial direct costs.
In addition, at the lease commencement date, the ROU asset will incorporate those restoration and handback costs that are considered
unavoidable, such as the removal of airline-specific branding and configuration, to return the asset to its original condition, for which
a corresponding amount is recognised within Provisions. The ROU asset is depreciated over the shorter of the asset\u2019s useful life and
the lease term on a straight-line basis. If ownership of the ROU asset transfers to the Group at the end of the lease term or the cost
reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
Amounts excluded from recognition as ROU assets and lease liabilities
The Group has elected not to recognise ROU assets and lease liabilities for short-term leases that have a lease term of 12 months
or\u00a0less (and where that short-term lease is not expected to be renewed) and leases of low-value assets. Short-term leases are leases
with a lease term of 12 months or less that do not contain a purchase option. Low-value assets comprise specific IT equipment and
office furniture. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis
as\u00a0an expense in the Income statement.
The Group is exposed to potential future increases in variable lease payments based on an index or rate which are not included in
the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability
is reassessed and adjusted against the ROU asset. Such variable lease payments are expensed to the Income statement as incurred.
Extension options are included in a number of aircraft, property and equipment leases across the Group and are reflected in the
lease liability where the Group is reasonably certain that it will exercise the option.
Sale and leaseback transactions
The Group regularly uses sale and leaseback transactions to finance the acquisition of aircraft. Each transaction is assessed as
to\u00a0whether it meets the criteria within IFRS 15 \u2018Revenue from contracts with customers\u2019 for a sale to have occurred. The principal
criterion for assessing whether a sale has occurred or not is whether the contract contains the option, at the discretion of the Group,
to repurchase the aircraft during or at the end of the lease term. If such a repurchase option exists in the contract, irrespective of
whether the Group intends to exercise the option or not, the sale is deemed not to have occurred. Where there is no repurchase
option in such a transaction, then a sale is deemed to have occurred. The following defines the accounting for such transactions:
\u2022 If a sale is determined to have occurred, then the associated asset is de-recognised and an ROU asset and lease liability are
recognised. The ROU asset recognised is based on the proportion of the previous carrying amount of the asset that is retained.
Any gain or loss is restricted to the amount that relates to the rights that have been transferred to the counterparty to the
transaction; and
\u2022 Where a sale is determined to have not occurred, the asset is retained on the Balance sheet within Property, plant and equipment
and an Asset financed liability recognised equal to the financing proceeds.
Cash flow presentation \u2013 lease liabilities
Payments associated with lease liabilities are presented as follows in the Consolidated cash flow statement:
\u2022 Where the proceeds received from sale and leaseback transactions represent the fair value of the asset being transferred, the total
proceeds are presented within cash flows from investing activities. Where the proceeds received from sale and leaseback
transactions exceed the fair value of the asset being transferred, the element of the proceeds equivalent to the fair value of the
asset being transferred is presented within investing activities and the amount of proceeds in excess of the fair value is presented
within financing activities;
\u2022 The repayments of the principal element of lease liabilities are presented within cash flows from financing activities;
\u2022 The payments of the interest element of lease liabilities are included within cash flows from operating activities;
\u2022 The payments arising from variable elements of a lease, short-term leases and low-value assets are presented within cash flows
from operating activities; and
\u2022 The non-cash gain or loss arising from sale and leaseback transactions is presented within cash flows from operating activities.
Cash flow presentation \u2013 asset financed liabilities
Payments associated with asset financed liabilities are presented as follows in the Consolidated cash flow statement:
\u2022 The proceeds received from asset financed liabilities are presented within cash flows from financing activities;
\u2022 The repayments of the principal element of asset financed liabilities are presented within cash flows from financing activities; and
\u2022 The payments of the interest element of asset financed liabilities are included within cash flows from operating activities.
Lessor accounting
From time to time the Group will lease, to third parties, specific assets, including certain property, plant and equipment. On inception
of the lease, the Group determines whether each lease is a finance lease or an operating lease.
In order to make this determination, the Group assesses whether the lease transfers substantially all of the risks and rewards of
ownership to the lessee. Factors in making this assessment include, but are not limited to, whether the lease term is for the major
part of the economic life of the underlying asset and whether the underlying asset transfers to the lessee or the lessee has the option
to purchase the underlying asset at the end of the lease. Where substantially all of the risks and rewards of ownership have been
transferred, then the lease is recorded as a finance lease; otherwise it is recorded as an operating lease.
f Maintenance, repairs and overhaul
Owned aircraft
Major maintenance, repairs and overhaul expenditure, including replacement spares and labour costs for airframes and engines,
is\u00a0capitalised and amortised over the expected life between major maintenance, repair and overhaul events or to the end of the
useful life\u00a0of the asset. When each major event is performed, the associated cost is recognised in the carrying amount of the item
of\u00a0property, plant and equipment as a replacement asset and any remaining carrying amount of the cost of the previous
maintenance event is de-recognised.
On initial recognition of an aircraft, a component of such costs is attributed to the embedded heavy maintenance component
of\u00a0the\u00a0assets, such as the engines. The embedded heavy maintenance component is depreciated over the period to the next major
maintenance event.
All other replacement spares and other costs relating to maintenance of owned fleet assets are charged to the Income statement
on\u00a0consumption or as incurred, respectively, recognised within Engineering and other aircraft costs.
Leased aircraft
Under each lease agreement, the Group is contractually committed to either return the airframe, engines and certain other assets
in\u00a0a specified condition or to compensate the lessor based on the conditionality of the aforementioned assets at the point of return
to the lessor.
Accordingly, the Group records a provision for major maintenance, repair and overhaul events, including for airframes and engines,
that occur through usage or through the passage of time, which is recognised as such activity occurs through to the next such
maintenance event. A corresponding expense is recorded in the Income statement within Engineering and other aircraft costs over
the relevant period as the provision is accumulated. Any subsequent changes in estimation are recognised in the Income statement.
When the maintenance, repair or overhaul event occurs, the associated provision is de-recognised.
Restoration and handback obligations that arise on the inception of the lease, and that are not dependent on the usage of the
asset\u00a0or on the passage of time, are recognised as a provision for the full expected cost of discharging those obligations with
a\u00a0corresponding amount recognised as a separate component of the ROU asset. The associated ROU asset is depreciated over
the\u00a0lease term. Any subsequent change in estimation relating to such costs is reflected in both the provision and the ROU asset,
with\u00a0the adjustment to the ROU asset depreciated over the remaining lease term.
All other replacement spares and other costs relating to maintenance of leased fleet assets are charged to the Income statement
on\u00a0consumption or as incurred, respectively, within Engineering and other aircraft costs.
Power by the hou r contracts
Certain of the Group\u2019s maintenance contracts, for both owned and leased aircraft, transfer the risk and legal obligation for
undertaking the maintenance activity to third-party service providers, with the Group paying the service providers based on usage
of the asset. The associated usage of the asset gives rise to a charge, as flight hours are incurred and dependent on the number
of\u00a0take offs and landings, in the Income statement within Engineering and other aircraft costs.
Intangible assets
a Goodwill
Goodwill arises on the acquisition of subsidiaries, associates and joint ventures and represents the excess of the consideration paid over
the net fair value of the identifiable assets and liabilities of the acquiree. Where the net fair value of the identifiable assets and liabilities
of the acquiree is in excess of the consideration paid, a gain on bargain purchase is recognised immediately in the Income statement.
For the purpose of assessing impairment, goodwill is grouped at the lowest levels for which there are separately identifiable cash
flows (cash-generating units). Goodwill is tested for impairment annually and whenever indicators exist that the carrying value may
not be recoverable.
b Brands
Brands arising on the acquisition of subsidiaries are initially recognised at fair value at the acquisition date. Long-established brands
that are expected to be used indefinitely are not amortised but assessed annually for impairment.
c Customer loyalty programmes
Customer loyalty programmes arising on the acquisition of subsidiaries are initially recognised at fair value at the acquisition date.
A\u00a0customer loyalty programme with an expected useful life is amortised over the expected remaining useful life. Established
customer loyalty programmes that are expected to be used indefinitely are not amortised but assessed annually for impairment.
d Landing rights
Landing rights acquired in a business combination are recognised at fair value at the acquisition date. Landing rights acquired from
other airlines are capitalised at cost.
Capitalised landing rights based outside the UK and the EU are amortised on a straight-line basis over a period not exceeding
20\u00a0years. Capitalised landing rights based within the UK and the EU are not amortised, as regulations provide that these landing
rights are perpetual.
e Contract-based intangibles
Contract-based intangibles acquired in a business combination are recognised initially at fair value at the acquisition date and
amortised over the remaining life of the contract.
f Software
The cost to purchase or develop computer software that is separable from an item of related hardware is capitalised separately
and\u00a0amortised on a straight-line basis, generally over a period not exceeding five years, with certain specific software developments
amortised over a period of up to 10 years.
In certain instances, the Group enters into cloud computing arrangements with third-party providers, such as software as a service
(SaaS), where the Group is provided the right to access and use the application software over the contract term. At inception
of\u00a0the\u00a0contract, the Group will assess whether such an arrangement gives rise to the recognition of a software intangible asset.
Where the Group determines that no software intangible asset should be recognised, the cloud computing arrangement is
determined to be a service contract and the associated fees paid are expensed as incurred. In addition, the costs incurred for both
the customisation and configuration of the application software are generally expensed as incurred.
g Carbon-related assets and obligations
Held for own use
As an operating company emits CO2 equivalent, it builds up either an ETS obligation, a CORSIA obligation or a voluntary carbon
offset obligation to the relevant authorities. Where an operating company purchases ETS emission allowances, CORSIA emission
units and voluntary carbon offset units, these amounts are recognised at cost and recorded within Carbon-related and other assets.
Carbon-related assets are not revalued or amortised but are tested for impairment whenever indicators exist that the carrying value
may not be recoverable. For those obligations arising for which the operating company has purchased emission allowances or emission
units to offset emissions, the obligation is recognised at the weighted average cost of the carbon-related asset. For those obligations
arising for which the operating company has not yet purchased emission allowances or emission units to offset the emissions,
the\u00a0obligation is recognised at the market price of the emission allowances or emission units required at the balance sheet date.
As\u00a0the obligation is recognised, a corresponding amount is recorded in the Income statement within Fuel costs and emission charges.
The Group\u2019s emissions obligations, recognised as Carbon-related obligations within Provisions, are extinguished when the associated
emission certificates are surrendered or retired to the relevant authorities. For ETS obligations, the timing of surrender of the allowances
is typically within 12 months of the balance sheet date. For CORSIA obligations, the timing of retirement of the allowances is once
every three years, with the first such retiring event for the 2024 to 2026 compliance period expected in 2028 (although entities
can\u00a0agree with their relevant authorities to retire emission units earlier).
From time to time, the Group enters into sale and repurchase transactions for specified emission allowances. Such transactions do
not meet the recognition criteria of a sale under IFRS 15 and accordingly the emissions asset is retained on the Balance sheet within
Carbon-related assets and an Other financing liability is recognised equal to the proceeds received.
Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are
subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognised for the value by which the asset\u2019s carrying value exceeds its recoverable
amount. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell and value in use. Non-financial assets other
than goodwill that were subject to an impairment are reviewed for possible reversal of the impairment at each balance sheet date.
a Property, plant and equipment, including Right-of-use assets
The carrying value is reviewed for impairment when events or changes in circumstances indicate the carrying value may not be
recoverable, and the cumulative impairment losses are shown as a reduction in the carrying value of property, plant and equipment.
b Intangible assets
Intangible assets are held at cost and are either amortised on a straight-line basis over their economic life, or they are deemed to
have an indefinite economic life and are not amortised. Indefinite life intangible assets are tested annually for impairment, or more
frequently if events or changes in circumstances indicate the carrying value may not be recoverable.
Investments in associates and joint ventures
An associate is an undertaking in which the Group has a long-term equity interest and over which it has the power to exercise
significant influence. Where the Group cannot exercise control over an entity in which it has a shareholding greater than 51%,
the\u00a0equity interest is treated as an associate undertaking.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the
net\u00a0assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only
when\u00a0decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made
in\u00a0determining significant influence or joint control are similar to those necessary to determine control over subsidiaries.
Investments in associates and joint ventures are accounted for using the equity method and initially recognised at cost. The Group\u2019s
interest in the net assets of associates and joint ventures is included in Investments accounted for using the equity method in the
Balance sheet and its interest in their results is included in the Income statement, below operating result. The attributable results
of\u00a0those companies acquired or disposed of during the year are included for the periods of ownership.
Financial instruments
a Financial assets and liabilities
Financial assets and financial liabilities are classified, upon initial recognition, as measured at amortised cost, at fair value through
other comprehensive income (OCI) or fair value through profit or loss. Financial assets are not reclassified subsequent to their initial
recognition unless the Group changes its business model for managing financial assets.
The classification of financial assets at initial recognition depends on the financial assets\u2019 contractual cash flow characteristics and
the Group\u2019s business model for managing them.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash
flows that are \u2018solely payments of principal and interest\u2019 (SPPI) on the principal amount outstanding. A financial asset that is not SPPI
is classified and measured at fair value through profit or loss. This assessment is performed on an instrument by instrument basis.
The Group\u2019s business model for managing financial assets establishes how it manages its financial assets in order to generate cash
flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial
assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective
to\u00a0hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through
OCI are held within a business model with the objective of both collecting contractual cash flows and selling financial assets.
Long-term borrowings
Long-term borrowings are recorded at amortised cost.
Convertible debt
Convertible bonds are classified as either compound financial instruments or hybrid financial instruments depending on the
settlement alternatives upon redemption. Where the bondholders exercise their equity conversion options and the Group has no
alternative other than to settle the convertible bonds into a fixed number of ordinary shares of the Company, then the bonds are
classified as a compound financial instrument. Where the Group has an alternative settlement mechanism to the convertible bonds
that permits settlement in cash, then the convertible instrument is classified as a hybrid financial instrument.
Convertible bonds that are classified as compound financial instruments consist of a liability and an equity component. At the date
of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible
debt, and is subsequently recorded on an amortised cost basis using the effective interest method until extinguished on conversion
or maturity of the bonds, and is recognised within Borrowings. The difference between the proceeds of issue of the convertible
bonds and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity
of\u00a0the Group, is included in the equity portion of the convertible bonds in Other reserves and is not subsequently remeasured.
The\u00a0interest expense on the liability component is calculated by applying the effective interest rate for similar non-convertible debt
to the liability component of the instrument. The difference between this value and the interest paid is added to the carrying amount
of the liability.
Convertible bonds that are classified as hybrid financial instruments consist only of a liability component recognised within
Borrowings. At the date of issue, the entirety of the convertible bonds are accounted for at fair value with subsequent fair value
gains or losses recorded within Borrowings. The fair value of such financial instruments is obtained from their respective quoted
prices in\u00a0active markets, with the portion of the change in fair value attributable to changes in the credit risk of the convertible
bonds recognised in Other comprehensive income, and the portion of the change in fair value attributable to market conditions
recognised in the Income statement within Finance costs.
Issue costs associated with compound financial instruments are apportioned between the liability and equity components of the
convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity
component is charged directly against equity. Issue costs associated with hybrid financial instruments are expensed immediately
to\u00a0the Income statement.
Other equity investments
Other equity investments are non-derivative financial assets including listed and unlisted investments, excluding interests in associates
and joint ventures. On initial recognition, these equity investments are irrevocably designated as measured at fair value through
Other comprehensive income. They are subsequently measured at fair value, with changes in fair value recognised in Other
comprehensive income with no recycling of these gains and losses to the Income statement when the investment is sold or a change
in the structure of the transaction changes its classification as an Other equity instrument. Dividends received on other equity
investments are recognised in the Income statement.
The fair value of quoted investments is determined by reference to bid prices at the close of business on the balance sheet date.
Where there is no active market, fair value is determined using valuation techniques.
Interest-bearing deposits
Interest-bearing deposits, principally comprising funds held with banks and other financial institutions with contractual cash flows
that are SPPI, and held in order to collect contractual cash flows, are carried at amortised cost using the effective interest method.
Impairment of financial assets
At each balance sheet date, the Group recognises provisions for expected credit losses on financial assets measured at amortised
cost, based on either 12-month or lifetime losses depending on whether there has been a significant increase in credit risk since initial
recognition. The simplified approach, based on the calculation and recognition of lifetime expected credit losses, is applied to
contracts that have a maturity of one year or less, including trade receivables.
When determining whether there has been a significant increase in credit risk since initial recognition and when estimating the
expected credit loss, the Group considers reasonable and supportable information that is relevant and available. This includes both
quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment,
including forward-looking information. Such forward-looking information takes into consideration the forecast economic conditions
expected to impact the outstanding balances at the balance sheet date. A financial asset is written off when there is no reasonable
expectation of recovery, such as the customer having filed for liquidation.
b Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits with any qualifying financial institution repayable on demand
or\u00a0maturing within three months of the date of acquisition and which are subject to an insignificant risk of change in value.
c Derivative and non-derivative financial instruments and hedging activities
Derivative financial instruments, comprising interest rate swap derivatives, foreign exchange derivatives and fuel derivatives
(including options, swaps and forward contracts) are initially recognised at fair value on the date a derivative contract is entered
into\u00a0and are subsequently remeasured at their fair value. They are classified as financial instruments through the Income statement.
The\u00a0method of recognising the resulting gain or loss arising from remeasurement depends on whether the derivative is designated
as a hedging instrument, and if so the nature of the item being hedged (as detailed below under cash flow hedges). The time value
of options is excluded from the designated hedging instrument and accounted for as a cost of hedging. Movements in the time
value\u00a0of options are recognised in Other comprehensive income until the underlying transaction affects the Income statement.
When forward contracts are used to hedge forecast transactions, the Group generally designates only the spot component of
the\u00a0forward contract as the hedging instrument within a hedge relationship. The effective portion of gains or losses arising on the
change in fair value of the spot component is recognised within Other comprehensive income in the Cash flow hedge reserve within
equity. The forward component of a forward contract is not designated within a hedge relationship, with the associated gains and
losses on the forward component recorded within Other comprehensive income in the Cost of hedging reserve within equity until
the underlying transaction affects the Income statement.
To manage foreign exchange movements on foreign currency customer cash inflows (denominated in US dollars, euros and
Japanese yen), certain non-derivative repayment instalments on foreign currency-denominated interest-bearing liabilities are
designated as hedging instruments within a hedge relationship. The effective portion of gains or losses arising from movements
in\u00a0foreign exchange rates is recognised within Other comprehensive income in the Cash flow hedge reserve within equity.
Accumulated gains or losses within the Cash flow hedge reserve are transferred to Sales in advance of carriage in the same period
as\u00a0the forecast transaction occurs or when hedge accounting is discontinued when the forecast transaction is no longer expected
to\u00a0occur, at which point amounts are immediately reclassified to the Income statement.
When a derivative is designated as a hedging instrument and that instrument expires, is sold or is restructured, if the initial forecast
transaction is still expected to occur, then any cumulative gain or loss remains in the Cash flow hedge reserve until such time as the
hedged item impacts the Income statement. Where there is a change in the risk management objective, then hedge accounting
is\u00a0discontinued, and the associated cumulative gain or loss arising prior to the change in risk management objective remains in the
cash flow hedge reserve until such time as the underlying hedged item impacts the Income statement had the risk management
objective continued to have been met. Where a forecast transaction, which was previously determined to be highly probable and
for\u00a0which hedge accounting applied, is no longer expected to occur, hedge accounting is discontinued and the cumulative gain
or\u00a0loss in the cash flow hedge reserve is immediately reclassified to the Income statement.
Each operating company enters into foreign currency derivative contracts that are not designated in a hedge relationship, in order
to mitigate foreign exchange movements on financial liabilities designated in currencies other than the presentational currency of
each operating company, including but not limited to lease liabilities. Movements in the fair value of such derivatives are recognised
in the Income statement in the period in which they occur and are presented within Net currency retranslation charges.
Exchange gains and losses on monetary investments are taken to the Income statement unless the item has been designated and
is\u00a0assessed as an effective hedging instrument. Exchange gains and losses on non-monetary investments are reflected in equity.
d Cash flow hedges
Changes in the fair value of derivative financial instruments designated as in a cash flow hedge relationship of a highly probable
expected future transaction are assessed for effectiveness and accordingly recorded in the Cash flow hedge reserve within equity.
Hedge effectiveness
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. A hedging
relationship qualifies for hedge\u00a0accounting if it meets all of the following effectiveness requirements: (i) there is an economic
relationship between the hedged item\u00a0and the hedging instrument; (ii) the effect of credit risk does not dominate the value changes
that result from that economic relationship; and (iii) the hedge ratio is aligned with the requirements of the Group\u2019s risk management
strategy and in all instances is maintained at a ratio of 1:1.
The Group assesses whether the derivative designated as the hedging instrument in a hedge relationship is expected to be on
inception, and at each balance sheet date, effective in offsetting the changes in cash flows of the hedged item using the hypothetical
derivative model.
Sources of ineffectiveness include the following:
\u2022 In hedges of fuel purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally
estimated, or if there are changes in the credit risk of the Group or the derivative counterparty;
\u2022 In hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what
was\u00a0originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty;
\u2022 In hedges of interest rate payments, ineffectiveness may arise if there are differences in the critical terms between the interest
rate\u00a0derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative
counterparty; and
\u2022 In all hedges, ineffectiveness may arise if there are differences between the critical terms of the hedging instrument and the
hypothetical derivative, such as where on inception of the hedge relationship the fair value of the hedging instrument is not zero.
Ineffectiveness is recorded within the Income statement as Realised/unrealised (losses)/gains on derivatives not qualifying for hedge
accounting and presented within Other non-operating credits.
Reclassification and transfer adjustments
Gains and losses accumulated in the Cash flow hedge reserve within equity are either reclassified from the Cash flow hedge reserve
when the hedged item affects the Income statement, or transferred from the Cash flow hedge reserve when the hedged item gives
rise to recognition in the Balance sheet as follows:
\u2022 Where the forecast hedged item results in the recognition of expenses within the Income statement (such as the purchase
of\u00a0jet\u00a0fuel for which both fuel and the associated foreign currency derivatives are designated as the hedging instrument), the
accumulated gains and losses recorded in both the Cash flow hedge reserve and the Cost of hedging reserve are reclassified
and\u00a0included in the Income statement within the same caption as the hedged item is presented. Such reclassification occurs
in\u00a0the\u00a0same period as the hedged item is recognised in the Income statement;
\u2022 Where the forecast hedged item results in the recognition of a non-financial asset (such as the purchase of aircraft for which
foreign currency derivatives are designated as the hedging instrument or where the purchase of jet fuel gives rise to the
recognition of fuel inventory in storage facilities), or a non-financial liability (such as the sales in advance of carriage for which both
foreign currency derivatives and non-financial derivative instruments are designated as the hedging instrument), the accumulated
gains and losses recorded within both the Cash flow hedge reserve and the Cost of hedging reserve are transferred and included
in the initial cost of the asset and liability, respectively. These gains or losses are recorded in the Income statement as the non-
financial asset and the non-financial liability affects the Income statement (which for aircraft is through Depreciation, amortisation
and impairment over the expected life of the aircraft, for fuel inventory through Fuel costs and emission charges when it is
consumed and for sales in advance of carriage through Passenger revenue when the flight is flown); and
\u2022 Where the forecast hedged item results in the recognition of a financial asset or liability (such as variable rate debt for which
interest rate\u00a0swaps are designated as the hedging instrument), the accumulated gains and losses recorded within the Cash flow
hedge reserve are reclassified to the Income statement to Interest expense within Finance costs at the same time as the interest
income or expense arises on the hedged\u00a0item.
Further information on the risk management activities of the Group is given in note 29.
e Fair value hedges
Changes in the fair value of derivative financial instruments designated in a fair value hedge relationship are recorded within the
Income statement as Net change in the fair value associated with fair value hedges within Other non-operating credits. The change
in the fair value of the hedged item attributable to the risk being hedged is recorded as part of the overall carrying amount of the
hedged item and is recorded within the Income statement as Net change in the fair value associated with fair value hedges within
Other non-operating credits.
For fair value hedges associated with financial liabilities measured at amortised cost, any adjustment to the carrying value is
amortised to the Income statement from the date of the cessation of the hedge relationship through to the maturity of the hedged
item using the effective interest rate method.
If the hedged item is de-recognised, the unamortised fair value is recognised immediately in the Income statement.
Ineffectiveness included in fair value hedges of interest rate payments may arise if there are differences in the critical terms between
the interest rate derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the
derivative counterparty.
Employee benefit plans
a Pension obligations
The Group has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the
Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions
if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior years.
Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent
on one or more factors such as age, years of service and compensation. The pension benefits are dependent on the pension scheme
rules and relevant pensions legislation including applicable case law.
The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the
amount of future benefit that employees have earned in return for their service in the current and prior years. The benefit is
discounted to determine its present value, and the fair value of any plan assets are deducted. The discount rate is the yield at the
balance sheet date on AA-rated corporate bonds of the appropriate currency that have durations approximating those of the
Group\u2019s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the net
obligation calculation results in an asset for the Group, the recognition of an asset is limited to any future refunds, net of the relevant
taxes, from the plan or reductions in future contributions to the plan (\u2018the asset ceiling\u2019). The fair value of the plan assets is based
on\u00a0market price information and, in the case of quoted securities, is the published bid price. The fair value of insurance policies which
exactly match the amount and timing of some or all benefits payable under the scheme are deemed to be the present value of the
related obligations. Longevity swaps are measured at their fair value.
Current service costs are recognised within Employee costs in the year in which they arise. Past service costs are recognised in
the\u00a0event of a plan amendment or curtailment, or when the Group recognises related restructuring costs or severance obligations.
The\u00a0net interest is calculated by applying the discount rate used to measure the defined benefit obligation at the beginning of the
period to the net defined benefit liability or asset, taking into account any changes in the net defined benefit liability or asset during
the period as a result of contributions and benefit payments. Net interest and other expenses related to the defined benefit plans
are\u00a0recognised in the Income statement. Remeasurements, comprising IAS 19 gains and losses, the effect of the asset ceiling
(excluding interest) and the return on plan assets (excluding interest), are recognised immediately in Other comprehensive income.
Remeasurements are not reclassified to the Income statement in subsequent periods.
b Severance obligations
Severance obligations are recognised when employment is terminated by the Group before the normal retirement date, or whenever an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises a provision for severance payments when
it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without
realistic possibility of withdrawal, or to providing severance payments as a result of an offer made to encourage voluntary redundancy.
Other employee benefits are recognised when there is deemed to be a present obligation.
c Flight crew provisions
The Group\u2019s obligations in respect of flight crew provisions are calculated separately for each collective bargaining agreement.
In\u00a0estimating these obligations, the Group makes assumptions regarding the number of employees who will elect to take early
retirement under these agreements, and the age at which they make this election (where relevant), using the probability-weighted
methodology. The Group recognises a provision for service costs from the date of employment of the relevant individual, with the
corresponding amount recorded within the Income statement. The provisions recognised are discounted at the balance sheet date
and the effect of unwinding of these discount rates is recognised as a finance cost in the Income statement.
Remeasurements of the provisions are made for changes in financial assumptions and recorded in Other comprehensive income.
The\u00a0Group records changes through Other comprehensive income, where assumptions regarding the elections to be made by
individuals differ to actual elections. These calculations are performed by a qualified actuary using the projected unit credit method.
Taxation
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date.
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements, with the following exceptions:
\u2022 Where the temporary differences arise on the initial recognition of an asset or liability in a transaction other than a business
combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise
to\u00a0equal taxable and deductible temporary differences;
\u2022 In respect of taxable temporary differences associated with investments in subsidiaries or associates, where the timing of the
reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
foreseeable future; and
\u2022 Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, carried forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the
related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Income tax is charged or credited directly to equity if it relates to items that are credited or charged to equity. Otherwise income
tax\u00a0is recognised in the Income statement.
International tax reform: Pillar Two implementation
On 23 May 2023, the IASB issued the amendments to IAS 12 \u2013 International tax reform: Pillar Two model reforms effective for periods
beginning on or after 1 January 2023. The amendments to IAS 12 provide temporary mandatory relief from the recognition
of\u00a0deferred tax balances arising from the implementation of the Pillar Two legislation. The Group has applied a temporary mandatory
relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.
Inventories
Inventories are valued at the lower of cost and net realisable value. Such cost is determined by the weighted average cost method.
Inventories include mainly aircraft spare parts, repairable aircraft engine parts and fuel held in storage facilities.
Share-based payments
The Group operates a number of equity-settled, share-based payment plans, under which the Group awards equity instruments of
the Group for services rendered by employees. The fair value of the share-based payment plans is measured at the date of grant
using a valuation model provided by external specialists. The resulting cost, as adjusted for the expected and actual level of vesting
of the plan, is charged to the Income statement over the period in which the options vest. At each balance sheet date before vesting,
the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best
estimate of the achievement or otherwise of non-market conditions, and accordingly the number of equity instruments that will
ultimately vest. The movement in the cumulative expense since the previous balance sheet date is recognised in the Income
statement with a corresponding entry in equity.
Treasury shares
When the share capital of the Company is repurchased, the amount of the consideration paid, including directly attributable transaction
costs, is recognised as a deduction from equity within the treasury share reserve. When treasury shares are sold or reissued,
the\u00a0amount received is recognised as an increase in equity, and the resulting gain or loss on the transaction is presented
as\u00a0an\u00a0adjustment to Retained earnings with no gain or loss recorded in the Income statement. When treasury shares are cancelled,
the\u00a0nominal value of the shares is deducted from share capital, and any difference between the cost of repurchase and nominal value
is charged or credited to share premium or reserves.
Provisions
Provisions are made when all of the following criteria have been met: (i) an obligation exists for a present liability in respect of a past
event; (ii) the amount of the obligation can be reliably estimated; and (iii) it is considered probable that an outflow of\u00a0economic
resources will be required to settle the obligation. Where it is not considered probable that there will be an outflow of\u00a0economic resources
required to settle the obligation, the Group does not recognise a provision, but discloses the matter as a contingent liability. The
Group assesses whether each matter is probable of there being an outflow of economic resources to settle the obligation at each
balance sheet date.
Employee leaving indemnities and other employee provisions are recorded for flight crew who, meeting certain conditions, have the
option of being placed on reserve or of taking early retirement. The Group is obligated to remunerate these employees until they reach
the statutory retirement age. The calculation is performed by qualified independent actuaries using the projected unit credit method.
Other employee related provisions are recognised for direct expenditures of business reorganisation such as severance payments
(restructuring provisions) where plans are sufficiently detailed and well advanced, and where appropriate communication to those
affected has been undertaken at the balance sheet date.
The method for determining legal claims provisions is determined on a claim-by-claim basis. Where a claim includes a significant
population of items, the weighted average provision is estimated by determining all potential outcomes and the probability of their
occurrence. Where a claim relates to a single item, then the Group determines the associated provision by applying the most likely
outcome, giving consideration to alternative outcomes. Where an individual claim is significant, the disclosure of quantitative
information is restricted to the extent that it does not prejudice the outcome of the claim. If the effect is material, expected future
cash flows are discounted using a rate that reflects, where appropriate, the risks specific to the provision. Where discounting is used,
the effect of unwinding the discount rate is recognised as a Finance cost in the Income statement.
Revenue recognition
Passenger revenue
The Group\u2019s revenue primarily derives from transportation services for both passengers and cargo. Revenue is recognised when the
transportation service has been provided.
Passenger tickets are generally paid for in advance of transportation and are recognised, net of discounts, as Deferred revenue and
presented within current liabilities until either: (i) the customer has flown; or (ii) the customer does not fly on the intended date and
has purchased a non-flexible fare.
For flexible and semi-flexible tickets, when the customer does not travel on the intended date, a term referred to as \u2018unused tickets\u2019,
the customer has a number of options they can elect to apply, depending on the fare type: (i) reschedule the date of intended travel;
(ii) request a refund, subject to terms and conditions; or (iii) request a voucher.
The Group estimates the amount of these unused tickets for which customers are not expected to exercise their remaining rights
prior to expiry based on the terms and conditions of the ticket and analysis of historical experience, a term referred to as \u2018unused
ticket breakage\u2019. This revenue is recognised based on the terms and conditions of the ticket and analysis of historical experience.
For\u00a0unused ticket breakage, revenue is recognised only when the risk of a significant reversal of revenue is remote. The estimation
regarding historical experience is updated at each balance sheet date.
Where a flight is cancelled, the customer has a number of options they can elect to apply to their unused tickets: (i) compensation;
(ii) a refund; (iii) changing to an alternative flight; or (iv) the receipt of a voucher.
The presentation in the financial statements of these customer options, to the extent they differ to the recognition criteria stated
above, are as follows:
\u2022 Compensation for flight cancellation \u2013 such payments are presented net within Passenger revenue against the original ticket purchased;
\u2022 Refund \u2013 deferred revenue is reduced and no amount is recorded within revenue;
\u2022 Changing to an alternative flight \u2013 amounts are retained within Deferred revenue until such time as the flight is flown, at which
time it is recorded within Passenger revenue; and
\u2022 Voucher \u2013 retained within Deferred revenue until such time as it is redeemed for a flight or it expires, at which time it is recorded
within Passenger revenue.
In relation to vouchers, the Group also recognises revenue by estimating the amount of vouchers that customers are not expected
to exercise their remaining rights prior to expiry using analysis of historical experience. The estimation regarding historical
experience is updated at each balance sheet date. The amount of such revenue recognised is constrained, where necessary,
such\u00a0that the risk of a significant reversal of revenue in the future is remote.
Payments received in relation to certain ancillary services regarding passenger transportation, such as change fees, are not
considered to be distinct from the performance obligation to provide the passenger flight. Payments relating to these ancillary
services are recognised in Deferred revenue in current liabilities until the customer has flown.
The Group considers whether it is an agent or a principal in relation to passenger transportation services by considering whether
it\u00a0has a performance obligation to provide services to the customer or whether the obligation is to arrange for the services to be
provided by a third party. The Group acts as an agent where: (i) it collects various taxes, duties and fees assessed on the sale
of\u00a0tickets to passengers and remits these to the relevant taxing authorities; and (ii) where it provides interline services to airline
partners outside the Group. Commissions earned in relation to agency services are recognised as revenue when the underlying
goods or services have been transferred to the customer. In all other instances, the Group considers it acts as the principal in relation
to passenger transportation services.
Cargo revenue
The Group has identified a single performance obligation in relation to cargo services and the associated revenue is measured
at\u00a0its\u00a0standalone selling price and recognised on satisfaction of the performance obligation, which occurs on the fulfilment of the
transportation service.
Other revenue
The Group has identified several performance obligations in relation to services that give rise to revenue being recognised within
Other revenue. These services, their performance obligations and associated revenue recognition include:
\u2022 The provision of maintenance services and overhaul services for engines and airframes, where the Group is engaged to enhance
an\u00a0asset while the customer retains control of the asset. Accordingly, the performance obligations are satisfied, and revenue
recognised, over time. The Group estimates the proportion of the contract completed at the balance sheet date and recognises
revenue based on the percentage of completion of the contract;
\u2022 The provision of ground-handling services, where the performance obligations are fulfilled when the services are provided;
\u2022 The provision of holiday and hotel services, where the performance obligations are satisfied over time as the customer receives
the\u00a0benefit of the service; and
\u2022 Brand and marketing activities, where the performance obligations are satisfied as the associated activities occur.
Customer loyalty programmes
The Group operates four principal loyalty programmes: the British Airways Club, Iberia Club, Vueling Club and Aer\u00a0Lingus AerClub.
The customer loyalty programmes award travellers Avios to redeem for various rewards, primarily redemption travel, including
flights, hotels and car hire. Avios are also sold to commercial partners to use in loyalty activity.
Avios issuance
When issued, the relative standalone selling price of an Avios is recorded within Deferred revenue in current liabilities until the
customer redeems the Avios. The relative standalone selling price of Avios is based on the value of the awards for which the Avios
could be redeemed. The Group also recognises revenue associated with the proportion of Avios that are not expected to be
redeemed, referred to as \u2018breakage\u2019, based on the results of modelling using historical experience and expected future trends
in\u00a0customer behaviour, up until the balance sheet date. The amount of such revenue recognised is limited, where necessary,
such\u00a0that the risk of a significant reversal of revenue in the future is remote.
Where the issuance of Avios arises from travel on the Group\u2019s airlines, the consideration received from the customer may differ to
the aggregation of the relative standalone selling prices. In such instances, the allocation of the consideration to each performance
obligation is undertaken on a proportional basis using the relative standalone selling prices.
The Group has contractual arrangements with non-Group airlines and non-air partners for the issuance and redemption of Avios,
for\u00a0which it has identified the following performance obligations:
Companion vouchers
Certain non-air partners issue their cardholders with companion vouchers, which form part of the variable consideration of the
overall contract, depending on the level of expenditure by the cardholders, for redemption on the airlines of the Group for the same
flight and class of cabin as the underlying fare being purchased. The Group estimates the standalone selling price of the companion
voucher performance obligation, using valuation techniques, by reference to the amount that a third party would be prepared to pay
in an arm\u2019s length transaction.
Brand and marketing activities
For both air and non-air partners, the Group licenses the Avios and the airline brands for certain activities, such as the creation
of co-branded credit cards. In addition, the Group has certain contractual arrangements whereby it commits to provide marketing
services to the\u00a0members of the loyalty schemes on behalf of those partners. Under IFRS 15, for the provision of both brand and
marketing services, the partner receives benefits incremental to the issuance of Avios. The Group estimates the standalone selling
price of the brand and marketing performance obligations, using valuation techniques, by reference to the amount that a third party
would be prepared to pay in an arm\u2019s length transaction for access to comparable brands for the period over which they use the
brand. For\u00a0brand services, as the Group considers that the partner has the right to use the brand, revenue is recognised as the brand
service is provided and not over time. For marketing performance obligations, revenue is recognised as the marketing activities occur.
Upfront payments
Where a partner makes an upfront payment to the Group that does not relate to any specific performance obligation, then the
Group considers such a payment as an advance payment for future goods and services and the associated revenue is recognised
as\u00a0those goods and services are provided, as detailed above. In such instances, the payment is allocated across all of the
performance obligations over the contract term. The Group estimates the expected level of Avios to be issued over the contract
term using experience together with historical and expected future trends, and allocates the payments to the relevant performance
obligations accordingly. At each balance sheet date, the Group updates its estimate of the number of Avios expected to be issued
over the total contract term and recognises a cumulative catch-up adjustment where necessary.
When a partner makes an upfront payment to the Group, the Group assesses whether such a payment is representative of a
significant financing event. Where a significant financing component is identified, the Group estimates a market rate of interest that
an arm\u2019s length financial liability of similar size and tenor would yield. The Group recognises the imputed interest within the Income
statement as Other finance costs within Finance costs.
Other considerations
The Group considers whether it is an agent or a principal in relation to the loyalty services by considering whether it has a performance
obligation to provide services to the customer or whether the obligation is to arrange for the services to be provided by a third
party. In particular, the Group acts as an agent where customers redeem their Avios on interline partner flights outside\u00a0the\u00a0Group,
where the fees payable to the interline partner are presented net against the associated release of the Deferred revenue.
Exceptional items
Exceptional items are those that in management\u2019s view need to be separately disclosed by virtue of their size or nature and where
such presentation is relevant to an understanding of the Group\u2019s financial performance. While management has defined a list of
items and a quantitative threshold that would merit categorisation as exceptional that has been established through historical
experience, the Group retains the flexibility to add additional items should their size or nature merit such presentation. The accounting
policy in respect of exceptional items and classification of an item as exceptional is approved by the Board, through the\u00a0Audit and
Compliance Committee.
The financial performance of the Group is monitored by the Management Committee and the Board using metrics that exclude
exceptional items to enable\u00a0comparison to prior reporting periods as well as to other selected companies, and also for making
strategic, financial and operational\u00a0decisions.
The exceptional items recorded in the Income statement include, but are not limited to, items such as: significant settlement
agreements with the Group\u2019s pension schemes; significant restructuring; the impact of business combination transactions that do
not contribute to the ongoing results of the Group; significant discontinuance of hedge accounting; legal settlements; individually
significant tax transactions; and the impact of the sale, disposal or impairment of an asset or investment in a business. Where
exceptional items are separately disclosed, the resultant tax impact is additionally separately disclosed. Certain exceptional items
may cover more than a single reporting period, such as significant restructuring events, but not more than two reporting periods.
Further information is given in the Alternative performance measures section.
Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received. Loans provided and/or
guaranteed by governments that represent market rates of interest are recorded at the amount of the proceeds received and
recognised within Borrowings. Those loans provided and/or guaranteed by governments that represent below-market rates of
interest are measured at inception at their fair value and recognised within Borrowings, with the differential to the proceeds received
recorded within Deferred income and released to the relevant financial statement caption in the Income statement on a systematic
basis. Grants that compensate the Group for expenses incurred are recognised in the Income statement under the relevant financial
statement caption on a systematic basis in the periods in which the expenses are recognised.
Critical accounting estimates, assumptions and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect
the\u00a0application of policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimates
and\u00a0associated assumptions are based on historical experience and various other factors believed to be reasonable under the
circumstances. Actual results in the future may differ from judgements and estimates upon which financial information has
been\u00a0prepared. These underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised\u00a0prospectively.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets
and\u00a0liabilities within the next financial year are as follows:
\u2022 Revenue recognition (note 24): breakage assumptions applied to passenger revenue, customer loyalty programmes and
unredeemed vouchers;
\u2022 Restoration and handback provisions (note 27): key assumptions underlying the carrying value of the provisions; and
\u2022 Employee benefit obligations (note 34): Airways Pension Scheme (APS) and New Airways Pension Scheme (NAPS) key actuarial
assumptions.
The judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year are as follows:
\u2022 Income taxes (note 10): determining whether payments made to HMRC in relation to the IAG Loyalty VAT accounting are recoverable;
\u2022 Leases (note 14): determining the lease term of contracts with renewal and termination options; and
\u2022 Restoration and handback provisions (note 27): determination of accounting policy for leased aircraft.
New standards, amendments and interpretations
The following amendments and interpretations apply for the first time in 2025, but do not have a material impact on the
consolidated financial statements of the Group:
\u2022 Lack of exchangeability \u2013 amendments to IAS 21 effective for periods beginning on or after 1 January 2025.
The IASB and the IFRS Interpretations Committee (IFRIC) have issued the following standards, amendments and interpretations with\u00a0an
effective date after the year end of these financial statements. The Group has assessed the impact of these standards, amendments
and interpretations, and it is not expected that these will have a material effect on the reported income or net assets of the Group.
The Group plans to adopt the following standards, interpretations and amendments on the date they become mandatory:
\u2022 Classification and measurement of financial instruments \u2013 amendments to IFRS 9 and IFRS 7 effective for periods beginning
on\u00a0or\u00a0after 1 January 2026.
IFRS 18 Presentation and disclosure in financial statements
IFRS 18 becomes effective for periods beginning on or after 1\u00a0January 2027 and replaces IAS 1 Presentation of financial statements.
IFRS 18 is applicable retrospectively. The new standard introduces the following:
\u2022 A requirement to classify all income and expenses within the Income statement into one of five categories: operating, investing,
financing, income taxes and discontinued operations, for which the first three are new. There is no change to the existing
recognition and measurement criteria within IFRS, and accordingly, there will be no change to profit after tax;
\u2022 The disclosure of all Income statement non-GAAP measures used to monitor the financial performance of the Group, referred
to\u00a0as\u00a0Management-defined performance measures (MPMs), are disclosed within a single note to the financial statements;
\u2022 Additional guidance on the aggregation and disaggregation of information in the financial statements;
\u2022 In the Cash flow statement, interest received and interest paid, currently presented within cash flows from operating activities,
will\u00a0be reclassified to cash flows from investing activities and cash flows from financing activities, respectively.
The Group is currently assessing the detailed implications of\u00a0applying the new standard on the Group\u2019s consolidated financial
statements. The initial expected material impacts on the Group\u2019s consolidated financial statements are as follows:
\u2022 In the Income statement, foreign exchange differences will be classified in the category where the related income and expense
form\u00a0the item giving rise to the foreign exchange difference;
\u2022 In the Income statement, ineffectiveness arising from hedge relationships as well as realised and unrealised gains/losses on derivatives
not qualifying for hedge accounting will be classified in the category where the related underlying transaction is recorded;
\u2022 In the cash flow statement, interest received and interest paid will be classified within cash flows from investing activities and cash
flows from financing activities, respectively; and
\u2022 The introduction of MPMs and their interaction with existing Alternative performance measures (APMs).
Significant accounting judgement applied \u2013 Determining whether payments made to HMRC in relation to the IAG Loyalty VAT
accounting are recoverable
At 31 December 2025 the Group recognised, as a Non-current other asset, \u20ac507 million in respect of VAT it expects to recover
from\u00a0HMRC in the UK.
The Group applies judgement in the determination as to whether it considers the outcome of the judicial process between IAG
Loyalty and HMRC, with regard to the IAG Loyalty VAT accounting, is more probable than not to result in a favourable outcome
to\u00a0the Group, and accordingly whether to record the aforementioned payments as an asset.
In forming its judgement, the Group has reviewed the decision letter issued by HMRC and the correspondence with HMRC
on\u00a0this\u00a0matter, including having considered the historical tax ruling issued by HMRC to the Group on this matter.
The Directors are satisfied that it is probable that a favourable outcome will eventuate, and accordingly the Group continues
to\u00a0consider at 31 December 2025, and through to the date of this report, that the \u20ac507 million asset recognised as a result of the
payment to HMRC is recoverable.
Significant accounting judgement applied \u2013 Determining the lease term of contracts with renewal and termination options
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to
extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is
reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain whether or not to
exercise the option to renew or terminate the lease. Such judgement includes consideration of fleet plans, which underpin approved
business plans and historical experience regarding the extension of leases. After the commencement date, the Group reassesses the
lease term if there is a significant event or change in circumstances that affects the Group\u2019s ability to exercise or\u00a0not to exercise the
option to renew or to terminate.
Significant accounting estimates applied \u2013 Revenue recognition: breakage assumptions applied to passenger revenue, customer
loyalty programmes and unredeemed vouchers
At 31 December 2025 the Group recognised \u20ac8,739 million (2024: \u20ac8,536 million) in respect of deferred revenue of which \u20ac3,348
million (2024: \u20ac2,888 million) related to customer loyalty programmes.
Passenger revenue
Passenger revenue is recognised when the transportation service is provided. At the time of intended transportation, revenue is\u00a0also
recognised in respect of estimated unused tickets breakage and is estimated based on the terms and conditions of the tickets and
historical experience. The Group considers that there is no reasonably possible change to unused ticket assumptions that would have
a material impact on passenger revenue recorded in the year. A 2 percentage point increase in the level of\u00a0unused ticket breakage
of\u00a0the sales in advance of carriage balance (excluding vouchers) at 31 December 2025 would result in\u00a0an\u00a0adjustment to Deferred
revenue of \u20ac98 million (2024: \u20ac101 million), with an offsetting adjustment to increase revenue and operating profit recognised
in\u00a0the\u00a0year.
Customer loyalty schemes
Revenue associated with the issuance of Avios under customer loyalty programmes is based on the relative standalone selling prices
of the related performance obligations (brand, marketing and Avios), determined using estimation techniques. The transaction price
of brand and marketing services is determined using specific brand valuation methodologies. The transaction price of an Avios is
determined as the price of the rewards against which it can be redeemed and is reduced to take account of the proportion of Avios
that are not expected to be redeemed by customers.
The Group estimates the number of Avios not expected to be redeemed using statistical modelling based on historical experience
and expected future trends in customer behaviour. The Group considers historical redemption activity representative of long-term
behavioural trends. A five percentage point increase in the assumption of Avios not expected to\u00a0be\u00a0redeemed would result in an
adjustment to Deferred revenue of \u20ac103 million (2024: \u20ac99 million), with an offsetting adjustment to increase revenue and operating
profit recognised in the year.
Unredeemed vouchers liability
At 31 December 2025, the Group recognised \u20ac483 million in respect of unredeemed vouchers, including associated taxes
(2024: \u20ac587 million) within Deferred revenue. Of the \u20ac483 million, \u20ac10 million (2024: \u20ac100 million) relates to vouchers issued due
to\u00a0COVID-19 pandemic flight cancellations, referred to as \u2018disrupted flights\u2019, and \u20ac473 million (2024: \u20ac487 million) relates to non-
disrupted voucher issuance, such as certain flexible fare options, non-air partner companion vouchers and gift vouchers.
The jurisdiction in which a voucher is issued dictates the period over which a customer can redeem the voucher, which ranges up
to\u00a0six years from the point of issuance. This period of time is also influenced by whether the voucher was issued for disrupted flights
or non-disrupted issuance and whether statutory or commercial expiry policies prevail. The Group expects the majority of\u00a0the total
voucher liability to mature within 12 months of the balance sheet date.
Where a voucher has been issued to a customer in the event of a flight cancellation, the Group estimates, based on\u00a0historical
experience, the level of such vouchers not expected to be used prior to expiry and recognises revenue accordingly.
A five percentage point increase in the assumption of the number of vouchers outstanding at 31 December 2025 and not expected
to be redeemed prior to expiry would result in a reduction to Deferred revenue of \u20ac24 million (2024: \u20ac29 million), with\u00a0an offsetting
adjustment to increase Passenger revenue and Operating profit recognised in the year.
Significant accounting judgement applied \u2013 Restoration and handback provisions: determination of accounting policy for leased
aircraft
IFRS 16 does not address the accounting for maintenance, restoration and handback provisions that arise through the usage of\u00a0the
underlying asset and, accordingly, the Group has applied judgement in applying an accounting policy with regard to the recognition
and subsequent measurement of such provisions for leased aircraft. The Group\u2019s accounting policy for provisions that arise through
usage or through the passage of time is to recognise the associated estimated costs in the Income statement as the underlying asset
is used or through the passage of time. The approach applied by the Group is consistent with the majority of major airlines that
prepare their financial statements under IFRS. Were the Group to apply an alternative accounting policy, the financial impact would
be materially different at the balance sheet date. An alternative accounting policy that the Group could have applied was the
components approach, where the Group would capitalise the estimated costs of major maintenance events and depreciate them
until the subsequent maintenance event (or to the end of lease term) and providing over the lease term for any expected cash
compensation for maintenance obligations at the end of the lease. The Group considers that the current accounting policy for
maintenance, restoration and handback activities reflects the obligations under its lease arrangements.
Significant accounting estimate applied \u2013 Employee benefit obligations: Airways Pension Scheme (APS) and New Airways
Pension Scheme (NAPS) key actuarial assumptions
At 31 December 2025, the Group recognised \u20ac17,776 million in respect of employee benefit obligations (2024: \u20ac19,796 million),
of\u00a0which \u20ac17,318 million related to the APS and NAPS obligations (2024: \u20ac19,275 million).
The calculation of the APS and NAPS employee benefit obligations is determined using the valuation requirements of IAS 19.
These\u00a0valuations involve making assumptions about discount rates, mortality rates and future pension increases. Due to the long-
term nature of these schemes, such assumptions are subject to significant uncertainty. The Group determines the assumptions
to\u00a0be\u00a0adopted in discussion with qualified actuaries. Any difference between these assumptions and the actual outcome will impact
future net assets and total comprehensive income. The impact of sensitising these assumptions is given below.
The Group operates a variety of post-employment benefit arrangements, covering both defined contribution and defined benefit
schemes. The Group also has a scheme for flight crew who meet certain conditions and as a result have the option of being placed
on reserve and retaining their employment relationship until reaching the statutory retirement age, or taking early retirement
(see\u00a0note 27).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-681": { "value": "
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting
Standards as endorsed by the European Union (\u2018IFRS as endorsed by the EU\u2019). The consolidated financial statements are rounded to
the nearest million unless otherwise stated. These financial statements have been prepared on the historical cost convention except
for certain financial assets and liabilities, including employee benefit assets and liabilities, the \u20ac825 million convertible bonds due
2028, derivative financial instruments and other equity investments that are measured at fair value.
The Group\u2019s financial statements for the year to 31 December 2025 were authorised for issue and approved by the Board of
Directors on 26\u00a0February 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-682": { "value": "
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting
Standards as endorsed by the European Union (\u2018IFRS as endorsed by the EU\u2019).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-683": { "value": "
The Group\u2019s financial statements for the year to 31 December 2025 were authorised for issue and approved by the Board of
Directors on 26\u00a0February 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-684": { "value": "
Going concern
At 31 December 2025, the Group had total liquidity of \u20ac 10,948 million (31 December 2024: total liquidity of \u20ac 13,362 million),
comprising cash, cash equivalents and interest-bearing deposits of \u20ac8,319 million, and \u20ac2,629 million of committed and undrawn
general and overdraft facilities. At 31 December 2025, the Group had no financial covenants associated with its loans and borrowings.
In its assessment of going concern, the Group has modelled two scenarios referred to below as the Base Case and the Downside
Case over the period of at least 12 months from the date of the approval of these consolidated financial statements (the \u2018going
concern period\u2019). The Group\u2019s three-year business plan, used in the creation of the Base Case, was prepared for and approved by
the\u00a0Board in December 2025. The business plan takes into account the Board\u2019s and management\u2019s views on capacity, based on the
potential impact of the wider economic and geopolitical environments on the Group\u2019s businesses across the going concern period.
The key inputs and assumptions underlying the Base Case through to 31 March 2027 include:
\u2022 The Group has assumed that the committed and undrawn general and overdraft facilities of \u20ac2,629 million will not be drawn over
the going concern period. The availability of certain of these facilities reduces over time, with \u20ac2,568 million being available to the
Group at 31 March 2027;
\u2022 Of the capital commitments detailed in note 15, \u20ac2,048 million is due to be paid over the period to 31 March 2027;
\u2022 The Group has assumed none of the expected aircraft deliveries over the going concern period are financed; and
\u2022 The shareholder returns detailed in note 37.
The Downside Case applies stress to the Base Case to model adverse commercial and operational impacts over the going concern
period, represented by: reduced levels of capacity operated in each month, including reductions of 25% for three months over the
going concern period; reduced passenger unit revenue per available seat kilometre (ASK); increases in the price of jet fuel by 20%
above that assumed in the Base Case; and increased operational costs. In the Downside Case, over the going concern period,
capacity would be 10% down when compared to the Base Case. The Downside Case assumes that British Airways and Iberia would
be required to partially draw down their portions of the available US dollar Revolving Credit Facility. The Directors consider the
Downside Case to be a severe but plausible scenario.
Having reviewed the Base Case and the Downside Case, the Directors have a reasonable expectation that the Group has sufficient liquidity
to continue in operational existence for a period of at least 12 months from the date of approval of the consolidated financial statements
and hence continue to adopt the going concern basis in preparing the consolidated financial statements at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-685": { "value": "
Consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiaries, each made up to
31\u00a0 December, together with the attributable share of results and reserves of associates and joint ventures, adjusted where
appropriate to conform to the Group\u2019s accounting policies.
Subsidiaries are consolidated from the date of their acquisition, which is the date on which the Group obtains control, and continue
to be consolidated until the date that such control ceases. Control exists when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
The Group applies the acquisition method to account for business combinations. The consideration paid is the fair value of the assets
transferred, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed
in\u00a0a business combination are measured initially at their fair values at the acquisition date. Non-controlling interests represent the
portions of profit or loss and net assets in subsidiaries that are not held by the Group and are presented separately within equity
in\u00a0the Consolidated balance sheet. Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, as at the acquisition date the acquirer\u2019s previously held equity interest in the
acquiree is remeasured to fair value at the acquisition date through the Income statement.
Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling
interest over the net identifiable assets acquired and liabilities assumed.
All intragroup account balances, including intragroup profits, are eliminated in preparing the consolidated financial statements.
Unconsolidated structured entities
The Group regularly uses sale and leaseback transactions to finance the acquisition of aircraft. In certain instances, the Group will
undertake several such sale and leaseback transactions at once through Enhanced Equipment Trust Certificates (EETCs). Under
each of these financing structures, a company or companies (the \u2018EETC Issuer\u2019) are established to facilitate such financing on behalf
of a number of unrelated investors. In certain of these financing structures, additional special purpose vehicles (the \u2018Lessor SPV\u2019)
are\u00a0established to provide additional financing from a number of further unrelated investors to the EETC Issuer. The proceeds from
the issuance of the EETCs by the EETC Issuer, and where relevant the proceeds obtained from the Lessor SPV, are then used to
purchase aircraft solely from the Group. The Group will then enter into fixed rate lease arrangements (which meet the recognition
criteria of Asset financed liabilities) with the EETC Issuer, or where relevant the Lessor SPV, with payments made by the Group
to\u00a0the EETC Issuer, or the Lessor SPV, distributed, through a trust, to the aforementioned unrelated investors. The main purpose
of\u00a0the\u00a0trust structure is to enhance the credit-worthiness of the Group\u2019s debt obligations through certain bankruptcy protection
provisions and liquidity facilities, and also to lower the Group\u2019s total borrowing cost.
The EETC Issuer and the Lessor SPV are established solely with the purpose of providing the asset-backed financing and upon
maturity of such financing are expected to have no further activity. The relevant activities of the EETC Issuer and the Lessor SPV
are\u00a0restricted to pre-established financing agreements and the retention of the title of the associated financed aircraft. Accordingly,
the Group has determined that each EETC Issuer and the Lessor SPVs are structured entities. Under the contractual terms of the
financing structures, the Group has no exposure to losses in these entities, does not own any of the share capital of the EETC Issuer
or the Lessor SPV, does not have any representation on the respective boards and has no ability to influence decision-making.
In\u00a0addition to the above, such financial transactions expose the Group to no further significant financial or economic risks, such
as\u00a0no\u00a0variability over time in interest rates.
In considering the aforementioned facts, management has concluded that the Group does not have access to variable returns from
the EETC Issuers and Lessor SPVs because its involvement is limited to the payment of principal and interest under the arrangement
and, therefore, it does not control the EETC Issuers or the Lessor SPVs and as such does not consolidate them.
Further information as to the financial impact of these financial transactions is given in note 26.
Joint Business Agreements
The Group has established various contractual joint arrangements with carriers outside the Group, commonly referred to as Joint
Business Agreements, that enable the Group and those carriers involved to cooperate on flights between particular destinations and
the sharing of the resultant revenues. These Joint Business Agreements are not structured through separate legal entities. Each such
arrangement includes a reference year to which the carriers party to that arrangement determine their share of the total revenues
generated on the aforementioned flights within a fiscal year. The resultant impact of the revenue shared is presented net within
Passenger revenue in the Income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-686": { "value": "
Subsidiaries are consolidated from the date of their acquisition, which is the date on which the Group obtains control, and continue
to be consolidated until the date that such control ceases. Control exists when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-688": { "value": "
The Group applies the acquisition method to account for business combinations. The consideration paid is the fair value of the assets
transferred, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed
in\u00a0a business combination are measured initially at their fair values at the acquisition date. Non-controlling interests represent the
portions of profit or loss and net assets in subsidiaries that are not held by the Group and are presented separately within equity
in\u00a0the Consolidated balance sheet. Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, as at the acquisition date the acquirer\u2019s previously held equity interest in the
acquiree is remeasured to fair value at the acquisition date through the Income statement.
Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling
interest over the net identifiable assets acquired and liabilities assumed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-687": { "value": "
The Group applies the acquisition method to account for business combinations. The consideration paid is the fair value of the assets
transferred, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed
in\u00a0a business combination are measured initially at their fair values at the acquisition date. Non-controlling interests represent the
portions of profit or loss and net assets in subsidiaries that are not held by the Group and are presented separately within equity
in\u00a0the Consolidated balance sheet. Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, as at the acquisition date the acquirer\u2019s previously held equity interest in the
acquiree is remeasured to fair value at the acquisition date through the Income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-689": { "value": "
Unconsolidated structured entities
The Group regularly uses sale and leaseback transactions to finance the acquisition of aircraft. In certain instances, the Group will
undertake several such sale and leaseback transactions at once through Enhanced Equipment Trust Certificates (EETCs). Under
each of these financing structures, a company or companies (the \u2018EETC Issuer\u2019) are established to facilitate such financing on behalf
of a number of unrelated investors. In certain of these financing structures, additional special purpose vehicles (the \u2018Lessor SPV\u2019)
are\u00a0established to provide additional financing from a number of further unrelated investors to the EETC Issuer. The proceeds from
the issuance of the EETCs by the EETC Issuer, and where relevant the proceeds obtained from the Lessor SPV, are then used to
purchase aircraft solely from the Group. The Group will then enter into fixed rate lease arrangements (which meet the recognition
criteria of Asset financed liabilities) with the EETC Issuer, or where relevant the Lessor SPV, with payments made by the Group
to\u00a0the EETC Issuer, or the Lessor SPV, distributed, through a trust, to the aforementioned unrelated investors. The main purpose
of\u00a0the\u00a0trust structure is to enhance the credit-worthiness of the Group\u2019s debt obligations through certain bankruptcy protection
provisions and liquidity facilities, and also to lower the Group\u2019s total borrowing cost.
The EETC Issuer and the Lessor SPV are established solely with the purpose of providing the asset-backed financing and upon
maturity of such financing are expected to have no further activity. The relevant activities of the EETC Issuer and the Lessor SPV
are\u00a0restricted to pre-established financing agreements and the retention of the title of the associated financed aircraft. Accordingly,
the Group has determined that each EETC Issuer and the Lessor SPVs are structured entities. Under the contractual terms of the
financing structures, the Group has no exposure to losses in these entities, does not own any of the share capital of the EETC Issuer
or the Lessor SPV, does not have any representation on the respective boards and has no ability to influence decision-making.
In\u00a0addition to the above, such financial transactions expose the Group to no further significant financial or economic risks, such
as\u00a0no\u00a0variability over time in interest rates.
In considering the aforementioned facts, management has concluded that the Group does not have access to variable returns from
the EETC Issuers and Lessor SPVs because its involvement is limited to the payment of principal and interest under the arrangement
and, therefore, it does not control the EETC Issuers or the Lessor SPVs and as such does not consolidate them.
Further information as to the financial impact of these financial transactions is given in note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-690": { "value": "
Segmental reporting
Operating segments are reported in a manner consistent with how resource allocation decisions are made by the chief operating
decision-maker. The chief operating decision-maker, who is responsible for resource allocation and assessing performance of
the\u00a0operating segments, has been identified as the IAG Management Committee.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-691": { "value": "
Foreign currency translation
a Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the functional currency, being the
currency of the primary economic environment in which the entity operates. In particular, British Airways and IAG Loyalty have
a\u00a0functional currency of pound sterling. The Group\u2019s consolidated financial statements are presented in euros, which is the Group\u2019s
presentation currency.
b Transactions and balances
Transactions in foreign currencies are initially recorded in the functional currency using the rate of exchange prevailing on the date
of the transaction. Monetary foreign currency balances are translated into the functional currency at the rates ruling at the balance
sheet date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at balance
sheet exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement,
except where hedge accounting is applied. Foreign exchange gains and losses arising on the retranslation of monetary assets and
liabilities classified as non-current on the Balance sheet are recognised within Net currency retranslation credits/(charges) in the Income
statement. All other gains and losses arising on the retranslation of monetary assets and liabilities are recognised in operating profit.
c Group companies
The net assets of foreign operations are translated into euros at the rate of exchange ruling at the balance sheet date. Profits and
losses of such operations are translated into euros at average rates of exchange during the year. The resulting exchange differences
are taken directly to a separate component of equity, the Currency translation reserve, until all or part of the interest is sold, when
the relevant portion of the cumulative exchange difference is recognised in the Income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-692": { "value": "
a Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the functional currency, being the
currency of the primary economic environment in which the entity operates. In particular, British Airways and IAG Loyalty have
a\u00a0functional currency of pound sterling. The Group\u2019s consolidated financial statements are presented in euros, which is the Group\u2019s
presentation currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-694": { "value": "
Property, plant and equipment
Property, plant and equipment are held at cost. The Group has a policy of not revaluing property, plant and equipment. Depreciation
is calculated to write off the cost less the estimated residual value on a straight-line basis over the economic life of the asset.
Residual values, where applicable, are reviewed annually against prevailing market values for equivalently aged assets and
depreciation rates adjusted accordingly on a prospective basis.
a Fleet
All aircraft are stated at the fair value of the consideration given after taking account of manufacturers\u2019 credits and pre-delivery instalment
payments (referred to as progress payments). Fleet assets owned or right- of- use (ROU) assets are disaggregated into separate
components and depreciated at rates calculated to write down the cost of each component to the estimated residual value at the
end of their planned operational lives (which is the shorter of their useful life or lease term) on a straight-line basis. Depreciation
rates are specific to aircraft type, based on the Group\u2019s fleet plans, within overall parameters of between 23 and 24 years and up
to\u00a05% residual value for short-haul aircraft and between 23 and 31 years (depending on aircraft) and up to 5% residual value for
long-haul aircraft.
ROU assets are depreciated over the shorter of the lease term and the aforementioned depreciation rates. Where the lease includes
a purchase option, at the discretion of the Group, and it is expected that the purchase option will be exercised, the associated ROU
asset is depreciated using the aforementioned depreciation rates to reflect the reasonably certain life of\u00a0the\u00a0aircraft, irrespective
of\u00a0the lease term.
Cabin interior modifications, including those required for brand changes and relaunches, are depreciated over the lower of 12 years
and the remaining economic life of the aircraft, whether owned or leased.
Spare parts for aircraft and engines acquired on the introduction or expansion of a fleet, as well as rotable spares purchased
separately, are carried as property, plant and equipment and generally depreciated in line with the fleet to which they relate.
b Other property, plant and equipment
Owned property, with the exception of freehold land, is depreciated over its expected useful life over periods not exceeding
50\u00a0years on a straight-line basis. ROU assets arising from leasehold properties are depreciated over the lease term on a straight-line
basis. Equipment is depreciated over periods ranging from four to 20 years on a straight-line basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-693": { "value": "
Property, plant and equipment
Property, plant and equipment are held at cost. The Group has a policy of not revaluing property, plant and equipment. Depreciation
is calculated to write off the cost less the estimated residual value on a straight-line basis over the economic life of the asset.
Residual values, where applicable, are reviewed annually against prevailing market values for equivalently aged assets and
depreciation rates adjusted accordingly on a prospective basis.
a Fleet
All aircraft are stated at the fair value of the consideration given after taking account of manufacturers\u2019 credits and pre-delivery instalment
payments (referred to as progress payments). Fleet assets owned or right- of- use (ROU) assets are disaggregated into separate
components and depreciated at rates calculated to write down the cost of each component to the estimated residual value at the
end of their planned operational lives (which is the shorter of their useful life or lease term) on a straight-line basis. Depreciation
rates are specific to aircraft type, based on the Group\u2019s fleet plans, within overall parameters of between 23 and 24 years and up
to\u00a05% residual value for short-haul aircraft and between 23 and 31 years (depending on aircraft) and up to 5% residual value for
long-haul aircraft.
ROU assets are depreciated over the shorter of the lease term and the aforementioned depreciation rates. Where the lease includes
a purchase option, at the discretion of the Group, and it is expected that the purchase option will be exercised, the associated ROU
asset is depreciated using the aforementioned depreciation rates to reflect the reasonably certain life of\u00a0the\u00a0aircraft, irrespective
of\u00a0the lease term.
Cabin interior modifications, including those required for brand changes and relaunches, are depreciated over the lower of 12 years
and the remaining economic life of the aircraft, whether owned or leased.
Spare parts for aircraft and engines acquired on the introduction or expansion of a fleet, as well as rotable spares purchased
separately, are carried as property, plant and equipment and generally depreciated in line with the fleet to which they relate.
b Other property, plant and equipment
Owned property, with the exception of freehold land, is depreciated over its expected useful life over periods not exceeding
50\u00a0years on a straight-line basis. ROU assets arising from leasehold properties are depreciated over the lease term on a straight-line
basis. Equipment is depreciated over periods ranging from four to 20 years on a straight-line basis.
c Capitalisation of interest on assets under construction
Interest costs attributed to progress payments made on account of aircraft and other qualifying assets under construction are
capitalised and added to the cost of the asset concerned. All other borrowing costs are recognised in the Income statement in the
year in which they are incurred.
d Liquidated damages
Certain of the Group\u2019s contractual arrangements with aircraft and engine manufacturers contain liquidated damages clauses, whereby if the
supplier breaches one or more contractual clauses (such as delays in the timing of delivery of an aircraft or engine) then damages are payable
to the Group. Liquidated damages are recognised in the Income statement only to the extent that they relate to compensation for loss of
income and/or incremental operating costs, when a contractual entitlement exists, the amounts can be reliably measured and the receipt
is\u00a0virtually certain. When liquidated damages do not relate to compensation for loss of income and/or incremental operating costs, the
amounts are recorded as a reduction in the cost of the associated aircraft in the Balance sheet and depreciated over the life of the aircraft.
When compensation, not related to the loss of income and/or incremental operating costs, is received in advance of the associated
delivery of the aircraft and/or engine, the Group recognises the amount within Other creditors until such time as the aircraft and/or
engine is delivered, at which time the amounts are transferred and recorded as a reduction in the cost of the associated asset. Such
compensation is recorded in the Cash flow statement within cash flows from investing activities under the caption of Acquisition
of\u00a0property, plant and equipment and intangible assets.
e Leases
The Group leases various aircraft, properties, equipment and other assets. The lease terms of these assets are consistent with the
determined useful economic life of similar assets within property, plant and equipment.
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified tangible asset for a period in exchange for consideration. The Group
has elected not to apply such consideration where the contract relates to an intangible asset, such as for landing rights or IT
software, in which case payments associated with the contract are expensed as incurred.
Leases are recognised as a lease liability and as a corresponding ROU asset at the date at which the leased asset is available for
use\u00a0by\u00a0the\u00a0Group.
Lease liabilities
Lease liabilities are initially measured at their present value, which includes the following lease payments: fixed payments (including
in-substance fixed payments), less any lease incentives receivable; variable lease payments that are based on an index or a rate;
amounts expected to be payable by the Group under residual value guarantees; the exercise price of a purchase option, if the Group
is reasonably certain to exercise that option; payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option; and payments to be made under reasonably certain extension options.
Aircraft lease payments are discounted using the interest rate implicit in the lease. The interest rate implicit in the lease is the
discount rate that, at the inception of the lease, causes the aggregate present value of the minimum lease payments and the
unguaranteed residual value to be equal to the fair value of the leased asset and any initial indirect costs of the lessor. For aircraft
leases these inputs are either generally observable in the contract or readily available from external market data. The initial direct
costs of the lessor are considered to be immaterial. If the interest rate implicit in the lease cannot be determined, the Group entity\u2019s
incremental borrowing rates are used.
Each lease payment is allocated between the principal and finance cost. The finance cost is charged to the Income statement over
the lease\u00a0period so as to produce a constant periodic rate of interest on the remaining balance of the lease liability for each period.
After the\u00a0commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the
lease payments\u00a0made.
The carrying amount of lease liabilities is remeasured if there is a modification of the lease contract, a reassessment of the lease term
(specifically in regard to assumptions regarding extension and termination options) or changes in variable lease payments that are
based on an index or a rate.
Right-of- use assets
At the lease commencement date, an ROU asset is measured at cost comprising the following: the amount of the initial measurement of the
lease liability; any lease payments made at or before the commencement date less any lease incentives received; and any initial direct costs.
In addition, at the lease commencement date, the ROU asset will incorporate those restoration and handback costs that are considered
unavoidable, such as the removal of airline-specific branding and configuration, to return the asset to its original condition, for which
a corresponding amount is recognised within Provisions. The ROU asset is depreciated over the shorter of the asset\u2019s useful life and
the lease term on a straight-line basis. If ownership of the ROU asset transfers to the Group at the end of the lease term or the cost
reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
Amounts excluded from recognition as ROU assets and lease liabilities
The Group has elected not to recognise ROU assets and lease liabilities for short-term leases that have a lease term of 12 months
or\u00a0less (and where that short-term lease is not expected to be renewed) and leases of low-value assets. Short-term leases are leases
with a lease term of 12 months or less that do not contain a purchase option. Low-value assets comprise specific IT equipment and
office furniture. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis
as\u00a0an expense in the Income statement.
The Group is exposed to potential future increases in variable lease payments based on an index or rate which are not included in
the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability
is reassessed and adjusted against the ROU asset. Such variable lease payments are expensed to the Income statement as incurred.
Extension options are included in a number of aircraft, property and equipment leases across the Group and are reflected in the
lease liability where the Group is reasonably certain that it will exercise the option.
Sale and leaseback transactions
The Group regularly uses sale and leaseback transactions to finance the acquisition of aircraft. Each transaction is assessed as
to\u00a0whether it meets the criteria within IFRS 15 \u2018Revenue from contracts with customers\u2019 for a sale to have occurred. The principal
criterion for assessing whether a sale has occurred or not is whether the contract contains the option, at the discretion of the Group,
to repurchase the aircraft during or at the end of the lease term. If such a repurchase option exists in the contract, irrespective of
whether the Group intends to exercise the option or not, the sale is deemed not to have occurred. Where there is no repurchase
option in such a transaction, then a sale is deemed to have occurred. The following defines the accounting for such transactions:
\u2022 If a sale is determined to have occurred, then the associated asset is de-recognised and an ROU asset and lease liability are
recognised. The ROU asset recognised is based on the proportion of the previous carrying amount of the asset that is retained.
Any gain or loss is restricted to the amount that relates to the rights that have been transferred to the counterparty to the
transaction; and
\u2022 Where a sale is determined to have not occurred, the asset is retained on the Balance sheet within Property, plant and equipment
and an Asset financed liability recognised equal to the financing proceeds.
Cash flow presentation \u2013 lease liabilities
Payments associated with lease liabilities are presented as follows in the Consolidated cash flow statement:
\u2022 Where the proceeds received from sale and leaseback transactions represent the fair value of the asset being transferred, the total
proceeds are presented within cash flows from investing activities. Where the proceeds received from sale and leaseback
transactions exceed the fair value of the asset being transferred, the element of the proceeds equivalent to the fair value of the
asset being transferred is presented within investing activities and the amount of proceeds in excess of the fair value is presented
within financing activities;
\u2022 The repayments of the principal element of lease liabilities are presented within cash flows from financing activities;
\u2022 The payments of the interest element of lease liabilities are included within cash flows from operating activities;
\u2022 The payments arising from variable elements of a lease, short-term leases and low-value assets are presented within cash flows
from operating activities; and
\u2022 The non-cash gain or loss arising from sale and leaseback transactions is presented within cash flows from operating activities.
Cash flow presentation \u2013 asset financed liabilities
Payments associated with asset financed liabilities are presented as follows in the Consolidated cash flow statement:
\u2022 The proceeds received from asset financed liabilities are presented within cash flows from financing activities;
\u2022 The repayments of the principal element of asset financed liabilities are presented within cash flows from financing activities; and
\u2022 The payments of the interest element of asset financed liabilities are included within cash flows from operating activities.
Lessor accounting
From time to time the Group will lease, to third parties, specific assets, including certain property, plant and equipment. On inception
of the lease, the Group determines whether each lease is a finance lease or an operating lease.
In order to make this determination, the Group assesses whether the lease transfers substantially all of the risks and rewards of
ownership to the lessee. Factors in making this assessment include, but are not limited to, whether the lease term is for the major
part of the economic life of the underlying asset and whether the underlying asset transfers to the lessee or the lessee has the option
to purchase the underlying asset at the end of the lease. Where substantially all of the risks and rewards of ownership have been
transferred, then the lease is recorded as a finance lease; otherwise it is recorded as an operating lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-695": { "value": "
c Capitalisation of interest on assets under construction
Interest costs attributed to progress payments made on account of aircraft and other qualifying assets under construction are
capitalised and added to the cost of the asset concerned. All other borrowing costs are recognised in the Income statement in the
year in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-696": { "value": "
e Leases
The Group leases various aircraft, properties, equipment and other assets. The lease terms of these assets are consistent with the
determined useful economic life of similar assets within property, plant and equipment.
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified tangible asset for a period in exchange for consideration. The Group
has elected not to apply such consideration where the contract relates to an intangible asset, such as for landing rights or IT
software, in which case payments associated with the contract are expensed as incurred.
Leases are recognised as a lease liability and as a corresponding ROU asset at the date at which the leased asset is available for
use\u00a0by\u00a0the\u00a0Group.
Lease liabilities
Lease liabilities are initially measured at their present value, which includes the following lease payments: fixed payments (including
in-substance fixed payments), less any lease incentives receivable; variable lease payments that are based on an index or a rate;
amounts expected to be payable by the Group under residual value guarantees; the exercise price of a purchase option, if the Group
is reasonably certain to exercise that option; payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option; and payments to be made under reasonably certain extension options.
Aircraft lease payments are discounted using the interest rate implicit in the lease. The interest rate implicit in the lease is the
discount rate that, at the inception of the lease, causes the aggregate present value of the minimum lease payments and the
unguaranteed residual value to be equal to the fair value of the leased asset and any initial indirect costs of the lessor. For aircraft
leases these inputs are either generally observable in the contract or readily available from external market data. The initial direct
costs of the lessor are considered to be immaterial. If the interest rate implicit in the lease cannot be determined, the Group entity\u2019s
incremental borrowing rates are used.
Each lease payment is allocated between the principal and finance cost. The finance cost is charged to the Income statement over
the lease\u00a0period so as to produce a constant periodic rate of interest on the remaining balance of the lease liability for each period.
After the\u00a0commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the
lease payments\u00a0made.
The carrying amount of lease liabilities is remeasured if there is a modification of the lease contract, a reassessment of the lease term
(specifically in regard to assumptions regarding extension and termination options) or changes in variable lease payments that are
based on an index or a rate.
Right-of- use assets
At the lease commencement date, an ROU asset is measured at cost comprising the following: the amount of the initial measurement of the
lease liability; any lease payments made at or before the commencement date less any lease incentives received; and any initial direct costs.
In addition, at the lease commencement date, the ROU asset will incorporate those restoration and handback costs that are considered
unavoidable, such as the removal of airline-specific branding and configuration, to return the asset to its original condition, for which
a corresponding amount is recognised within Provisions. The ROU asset is depreciated over the shorter of the asset\u2019s useful life and
the lease term on a straight-line basis. If ownership of the ROU asset transfers to the Group at the end of the lease term or the cost
reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
Amounts excluded from recognition as ROU assets and lease liabilities
The Group has elected not to recognise ROU assets and lease liabilities for short-term leases that have a lease term of 12 months
or\u00a0less (and where that short-term lease is not expected to be renewed) and leases of low-value assets. Short-term leases are leases
with a lease term of 12 months or less that do not contain a purchase option. Low-value assets comprise specific IT equipment and
office furniture. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis
as\u00a0an expense in the Income statement.
The Group is exposed to potential future increases in variable lease payments based on an index or rate which are not included in
the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability
is reassessed and adjusted against the ROU asset. Such variable lease payments are expensed to the Income statement as incurred.
Extension options are included in a number of aircraft, property and equipment leases across the Group and are reflected in the
lease liability where the Group is reasonably certain that it will exercise the option.
Sale and leaseback transactions
The Group regularly uses sale and leaseback transactions to finance the acquisition of aircraft. Each transaction is assessed as
to\u00a0whether it meets the criteria within IFRS 15 \u2018Revenue from contracts with customers\u2019 for a sale to have occurred. The principal
criterion for assessing whether a sale has occurred or not is whether the contract contains the option, at the discretion of the Group,
to repurchase the aircraft during or at the end of the lease term. If such a repurchase option exists in the contract, irrespective of
whether the Group intends to exercise the option or not, the sale is deemed not to have occurred. Where there is no repurchase
option in such a transaction, then a sale is deemed to have occurred. The following defines the accounting for such transactions:
\u2022 If a sale is determined to have occurred, then the associated asset is de-recognised and an ROU asset and lease liability are
recognised. The ROU asset recognised is based on the proportion of the previous carrying amount of the asset that is retained.
Any gain or loss is restricted to the amount that relates to the rights that have been transferred to the counterparty to the
transaction; and
\u2022 Where a sale is determined to have not occurred, the asset is retained on the Balance sheet within Property, plant and equipment
and an Asset financed liability recognised equal to the financing proceeds.
Cash flow presentation \u2013 lease liabilities
Payments associated with lease liabilities are presented as follows in the Consolidated cash flow statement:
\u2022 Where the proceeds received from sale and leaseback transactions represent the fair value of the asset being transferred, the total
proceeds are presented within cash flows from investing activities. Where the proceeds received from sale and leaseback
transactions exceed the fair value of the asset being transferred, the element of the proceeds equivalent to the fair value of the
asset being transferred is presented within investing activities and the amount of proceeds in excess of the fair value is presented
within financing activities;
\u2022 The repayments of the principal element of lease liabilities are presented within cash flows from financing activities;
\u2022 The payments of the interest element of lease liabilities are included within cash flows from operating activities;
\u2022 The payments arising from variable elements of a lease, short-term leases and low-value assets are presented within cash flows
from operating activities; and
\u2022 The non-cash gain or loss arising from sale and leaseback transactions is presented within cash flows from operating activities.
Cash flow presentation \u2013 asset financed liabilities
Payments associated with asset financed liabilities are presented as follows in the Consolidated cash flow statement:
\u2022 The proceeds received from asset financed liabilities are presented within cash flows from financing activities;
\u2022 The repayments of the principal element of asset financed liabilities are presented within cash flows from financing activities; and
\u2022 The payments of the interest element of asset financed liabilities are included within cash flows from operating activities.
Lessor accounting
From time to time the Group will lease, to third parties, specific assets, including certain property, plant and equipment. On inception
of the lease, the Group determines whether each lease is a finance lease or an operating lease.
In order to make this determination, the Group assesses whether the lease transfers substantially all of the risks and rewards of
ownership to the lessee. Factors in making this assessment include, but are not limited to, whether the lease term is for the major
part of the economic life of the underlying asset and whether the underlying asset transfers to the lessee or the lessee has the option
to purchase the underlying asset at the end of the lease. Where substantially all of the risks and rewards of ownership have been
transferred, then the lease is recorded as a finance lease; otherwise it is recorded as an operating lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-697": { "value": "
Cash flow presentation \u2013 lease liabilities
Payments associated with lease liabilities are presented as follows in the Consolidated cash flow statement:
\u2022 Where the proceeds received from sale and leaseback transactions represent the fair value of the asset being transferred, the total
proceeds are presented within cash flows from investing activities. Where the proceeds received from sale and leaseback
transactions exceed the fair value of the asset being transferred, the element of the proceeds equivalent to the fair value of the
asset being transferred is presented within investing activities and the amount of proceeds in excess of the fair value is presented
within financing activities;
\u2022 The repayments of the principal element of lease liabilities are presented within cash flows from financing activities;
\u2022 The payments of the interest element of lease liabilities are included within cash flows from operating activities;
\u2022 The payments arising from variable elements of a lease, short-term leases and low-value assets are presented within cash flows
from operating activities; and
\u2022 The non-cash gain or loss arising from sale and leaseback transactions is presented within cash flows from operating activities.
Cash flow presentation \u2013 asset financed liabilities
Payments associated with asset financed liabilities are presented as follows in the Consolidated cash flow statement:
\u2022 The proceeds received from asset financed liabilities are presented within cash flows from financing activities;
\u2022 The repayments of the principal element of asset financed liabilities are presented within cash flows from financing activities; and
\u2022 The payments of the interest element of asset financed liabilities are included within cash flows from operating activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-698": { "value": "
f Maintenance, repairs and overhaul
Owned aircraft
Major maintenance, repairs and overhaul expenditure, including replacement spares and labour costs for airframes and engines,
is\u00a0capitalised and amortised over the expected life between major maintenance, repair and overhaul events or to the end of the
useful life\u00a0of the asset. When each major event is performed, the associated cost is recognised in the carrying amount of the item
of\u00a0property, plant and equipment as a replacement asset and any remaining carrying amount of the cost of the previous
maintenance event is de-recognised.
On initial recognition of an aircraft, a component of such costs is attributed to the embedded heavy maintenance component
of\u00a0the\u00a0assets, such as the engines. The embedded heavy maintenance component is depreciated over the period to the next major
maintenance event.
All other replacement spares and other costs relating to maintenance of owned fleet assets are charged to the Income statement
on\u00a0consumption or as incurred, respectively, recognised within Engineering and other aircraft costs.
Leased aircraft
Under each lease agreement, the Group is contractually committed to either return the airframe, engines and certain other assets
in\u00a0a specified condition or to compensate the lessor based on the conditionality of the aforementioned assets at the point of return
to the lessor.
Accordingly, the Group records a provision for major maintenance, repair and overhaul events, including for airframes and engines,
that occur through usage or through the passage of time, which is recognised as such activity occurs through to the next such
maintenance event. A corresponding expense is recorded in the Income statement within Engineering and other aircraft costs over
the relevant period as the provision is accumulated. Any subsequent changes in estimation are recognised in the Income statement.
When the maintenance, repair or overhaul event occurs, the associated provision is de-recognised.
Restoration and handback obligations that arise on the inception of the lease, and that are not dependent on the usage of the
asset\u00a0or on the passage of time, are recognised as a provision for the full expected cost of discharging those obligations with
a\u00a0corresponding amount recognised as a separate component of the ROU asset. The associated ROU asset is depreciated over
the\u00a0lease term. Any subsequent change in estimation relating to such costs is reflected in both the provision and the ROU asset,
with\u00a0the adjustment to the ROU asset depreciated over the remaining lease term.
All other replacement spares and other costs relating to maintenance of leased fleet assets are charged to the Income statement
on\u00a0consumption or as incurred, respectively, within Engineering and other aircraft costs.
Power by the hou r contracts
Certain of the Group\u2019s maintenance contracts, for both owned and leased aircraft, transfer the risk and legal obligation for
undertaking the maintenance activity to third-party service providers, with the Group paying the service providers based on usage
of the asset. The associated usage of the asset gives rise to a charge, as flight hours are incurred and dependent on the number
of\u00a0take offs and landings, in the Income statement within Engineering and other aircraft costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-699": { "value": "
Intangible assets
a Goodwill
Goodwill arises on the acquisition of subsidiaries, associates and joint ventures and represents the excess of the consideration paid over
the net fair value of the identifiable assets and liabilities of the acquiree. Where the net fair value of the identifiable assets and liabilities
of the acquiree is in excess of the consideration paid, a gain on bargain purchase is recognised immediately in the Income statement.
For the purpose of assessing impairment, goodwill is grouped at the lowest levels for which there are separately identifiable cash
flows (cash-generating units). Goodwill is tested for impairment annually and whenever indicators exist that the carrying value may
not be recoverable.
b Brands
Brands arising on the acquisition of subsidiaries are initially recognised at fair value at the acquisition date. Long-established brands
that are expected to be used indefinitely are not amortised but assessed annually for impairment.
c Customer loyalty programmes
Customer loyalty programmes arising on the acquisition of subsidiaries are initially recognised at fair value at the acquisition date.
A\u00a0customer loyalty programme with an expected useful life is amortised over the expected remaining useful life. Established
customer loyalty programmes that are expected to be used indefinitely are not amortised but assessed annually for impairment.
d Landing rights
Landing rights acquired in a business combination are recognised at fair value at the acquisition date. Landing rights acquired from
other airlines are capitalised at cost.
Capitalised landing rights based outside the UK and the EU are amortised on a straight-line basis over a period not exceeding
20\u00a0years. Capitalised landing rights based within the UK and the EU are not amortised, as regulations provide that these landing
rights are perpetual.
e Contract-based intangibles
Contract-based intangibles acquired in a business combination are recognised initially at fair value at the acquisition date and
amortised over the remaining life of the contract.
f Software
The cost to purchase or develop computer software that is separable from an item of related hardware is capitalised separately
and\u00a0amortised on a straight-line basis, generally over a period not exceeding five years, with certain specific software developments
amortised over a period of up to 10 years.
In certain instances, the Group enters into cloud computing arrangements with third-party providers, such as software as a service
(SaaS), where the Group is provided the right to access and use the application software over the contract term. At inception
of\u00a0the\u00a0contract, the Group will assess whether such an arrangement gives rise to the recognition of a software intangible asset.
Where the Group determines that no software intangible asset should be recognised, the cloud computing arrangement is
determined to be a service contract and the associated fees paid are expensed as incurred. In addition, the costs incurred for both
the customisation and configuration of the application software are generally expensed as incurred.
g Carbon-related assets and obligations
Held for own use
As an operating company emits CO2 equivalent, it builds up either an ETS obligation, a CORSIA obligation or a voluntary carbon
offset obligation to the relevant authorities. Where an operating company purchases ETS emission allowances, CORSIA emission
units and voluntary carbon offset units, these amounts are recognised at cost and recorded within Carbon-related and other assets.
Carbon-related assets are not revalued or amortised but are tested for impairment whenever indicators exist that the carrying value
may not be recoverable. For those obligations arising for which the operating company has purchased emission allowances or emission
units to offset emissions, the obligation is recognised at the weighted average cost of the carbon-related asset. For those obligations
arising for which the operating company has not yet purchased emission allowances or emission units to offset the emissions,
the\u00a0obligation is recognised at the market price of the emission allowances or emission units required at the balance sheet date.
As\u00a0the obligation is recognised, a corresponding amount is recorded in the Income statement within Fuel costs and emission charges.
The Group\u2019s emissions obligations, recognised as Carbon-related obligations within Provisions, are extinguished when the associated
emission certificates are surrendered or retired to the relevant authorities. For ETS obligations, the timing of surrender of the allowances
is typically within 12 months of the balance sheet date. For CORSIA obligations, the timing of retirement of the allowances is once
every three years, with the first such retiring event for the 2024 to 2026 compliance period expected in 2028 (although entities
can\u00a0agree with their relevant authorities to retire emission units earlier).
From time to time, the Group enters into sale and repurchase transactions for specified emission allowances. Such transactions do
not meet the recognition criteria of a sale under IFRS 15 and accordingly the emissions asset is retained on the Balance sheet within
Carbon-related assets and an Other financing liability is recognised equal to the proceeds received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-700": { "value": "
a Goodwill
Goodwill arises on the acquisition of subsidiaries, associates and joint ventures and represents the excess of the consideration paid over
the net fair value of the identifiable assets and liabilities of the acquiree. Where the net fair value of the identifiable assets and liabilities
of the acquiree is in excess of the consideration paid, a gain on bargain purchase is recognised immediately in the Income statement.
For the purpose of assessing impairment, goodwill is grouped at the lowest levels for which there are separately identifiable cash
flows (cash-generating units). Goodwill is tested for impairment annually and whenever indicators exist that the carrying value may
not be recoverable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-701": { "value": "
b Brands
Brands arising on the acquisition of subsidiaries are initially recognised at fair value at the acquisition date. Long-established brands
that are expected to be used indefinitely are not amortised but assessed annually for impairment.
c Customer loyalty programmes
Customer loyalty programmes arising on the acquisition of subsidiaries are initially recognised at fair value at the acquisition date.
A\u00a0customer loyalty programme with an expected useful life is amortised over the expected remaining useful life. Established
customer loyalty programmes that are expected to be used indefinitely are not amortised but assessed annually for impairment.
d Landing rights
Landing rights acquired in a business combination are recognised at fair value at the acquisition date. Landing rights acquired from
other airlines are capitalised at cost.
Capitalised landing rights based outside the UK and the EU are amortised on a straight-line basis over a period not exceeding
20\u00a0years. Capitalised landing rights based within the UK and the EU are not amortised, as regulations provide that these landing
rights are perpetual.
e Contract-based intangibles
Contract-based intangibles acquired in a business combination are recognised initially at fair value at the acquisition date and
amortised over the remaining life of the contract.
f Software
The cost to purchase or develop computer software that is separable from an item of related hardware is capitalised separately
and\u00a0amortised on a straight-line basis, generally over a period not exceeding five years, with certain specific software developments
amortised over a period of up to 10 years.
In certain instances, the Group enters into cloud computing arrangements with third-party providers, such as software as a service
(SaaS), where the Group is provided the right to access and use the application software over the contract term. At inception
of\u00a0the\u00a0contract, the Group will assess whether such an arrangement gives rise to the recognition of a software intangible asset.
Where the Group determines that no software intangible asset should be recognised, the cloud computing arrangement is
determined to be a service contract and the associated fees paid are expensed as incurred. In addition, the costs incurred for both
the customisation and configuration of the application software are generally expensed as incurred.
g Carbon-related assets and obligations
Held for own use
As an operating company emits CO2 equivalent, it builds up either an ETS obligation, a CORSIA obligation or a voluntary carbon
offset obligation to the relevant authorities. Where an operating company purchases ETS emission allowances, CORSIA emission
units and voluntary carbon offset units, these amounts are recognised at cost and recorded within Carbon-related and other assets.
Carbon-related assets are not revalued or amortised but are tested for impairment whenever indicators exist that the carrying value
may not be recoverable. For those obligations arising for which the operating company has purchased emission allowances or emission
units to offset emissions, the obligation is recognised at the weighted average cost of the carbon-related asset. For those obligations
arising for which the operating company has not yet purchased emission allowances or emission units to offset the emissions,
the\u00a0obligation is recognised at the market price of the emission allowances or emission units required at the balance sheet date.
As\u00a0the obligation is recognised, a corresponding amount is recorded in the Income statement within Fuel costs and emission charges.
The Group\u2019s emissions obligations, recognised as Carbon-related obligations within Provisions, are extinguished when the associated
emission certificates are surrendered or retired to the relevant authorities. For ETS obligations, the timing of surrender of the allowances
is typically within 12 months of the balance sheet date. For CORSIA obligations, the timing of retirement of the allowances is once
every three years, with the first such retiring event for the 2024 to 2026 compliance period expected in 2028 (although entities
can\u00a0agree with their relevant authorities to retire emission units earlier).
From time to time, the Group enters into sale and repurchase transactions for specified emission allowances. Such transactions do
not meet the recognition criteria of a sale under IFRS 15 and accordingly the emissions asset is retained on the Balance sheet within
Carbon-related assets and an Other financing liability is recognised equal to the proceeds received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-702": { "value": "
g Carbon-related assets and obligations
Held for own use
As an operating company emits CO2 equivalent, it builds up either an ETS obligation, a CORSIA obligation or a voluntary carbon
offset obligation to the relevant authorities. Where an operating company purchases ETS emission allowances, CORSIA emission
units and voluntary carbon offset units, these amounts are recognised at cost and recorded within Carbon-related and other assets.
Carbon-related assets are not revalued or amortised but are tested for impairment whenever indicators exist that the carrying value
may not be recoverable. For those obligations arising for which the operating company has purchased emission allowances or emission
units to offset emissions, the obligation is recognised at the weighted average cost of the carbon-related asset. For those obligations
arising for which the operating company has not yet purchased emission allowances or emission units to offset the emissions,
the\u00a0obligation is recognised at the market price of the emission allowances or emission units required at the balance sheet date.
As\u00a0the obligation is recognised, a corresponding amount is recorded in the Income statement within Fuel costs and emission charges.
The Group\u2019s emissions obligations, recognised as Carbon-related obligations within Provisions, are extinguished when the associated
emission certificates are surrendered or retired to the relevant authorities. For ETS obligations, the timing of surrender of the allowances
is typically within 12 months of the balance sheet date. For CORSIA obligations, the timing of retirement of the allowances is once
every three years, with the first such retiring event for the 2024 to 2026 compliance period expected in 2028 (although entities
can\u00a0agree with their relevant authorities to retire emission units earlier).
From time to time, the Group enters into sale and repurchase transactions for specified emission allowances. Such transactions do
not meet the recognition criteria of a sale under IFRS 15 and accordingly the emissions asset is retained on the Balance sheet within
Carbon-related assets and an Other financing liability is recognised equal to the proceeds received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-704": { "value": "
Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are
subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognised for the value by which the asset\u2019s carrying value exceeds its recoverable
amount. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell and value in use. Non-financial assets other
than goodwill that were subject to an impairment are reviewed for possible reversal of the impairment at each balance sheet date.
a Property, plant and equipment, including Right-of-use assets
The carrying value is reviewed for impairment when events or changes in circumstances indicate the carrying value may not be
recoverable, and the cumulative impairment losses are shown as a reduction in the carrying value of property, plant and equipment.
b Intangible assets
Intangible assets are held at cost and are either amortised on a straight-line basis over their economic life, or they are deemed to
have an indefinite economic life and are not amortised. Indefinite life intangible assets are tested annually for impairment, or more
frequently if events or changes in circumstances indicate the carrying value may not be recoverable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-703": { "value": "
Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are
subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognised for the value by which the asset\u2019s carrying value exceeds its recoverable
amount. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell and value in use. Non-financial assets other
than goodwill that were subject to an impairment are reviewed for possible reversal of the impairment at each balance sheet date.
a Property, plant and equipment, including Right-of-use assets
The carrying value is reviewed for impairment when events or changes in circumstances indicate the carrying value may not be
recoverable, and the cumulative impairment losses are shown as a reduction in the carrying value of property, plant and equipment.
b Intangible assets
Intangible assets are held at cost and are either amortised on a straight-line basis over their economic life, or they are deemed to
have an indefinite economic life and are not amortised. Indefinite life intangible assets are tested annually for impairment, or more
frequently if events or changes in circumstances indicate the carrying value may not be recoverable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-707": { "value": "
Investments in associates and joint ventures
An associate is an undertaking in which the Group has a long-term equity interest and over which it has the power to exercise
significant influence. Where the Group cannot exercise control over an entity in which it has a shareholding greater than 51%,
the\u00a0equity interest is treated as an associate undertaking.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the
net\u00a0assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only
when\u00a0decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made
in\u00a0determining significant influence or joint control are similar to those necessary to determine control over subsidiaries.
Investments in associates and joint ventures are accounted for using the equity method and initially recognised at cost. The Group\u2019s
interest in the net assets of associates and joint ventures is included in Investments accounted for using the equity method in the
Balance sheet and its interest in their results is included in the Income statement, below operating result. The attributable results
of\u00a0those companies acquired or disposed of during the year are included for the periods of ownership.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-706": { "value": "
Investments in associates and joint ventures
An associate is an undertaking in which the Group has a long-term equity interest and over which it has the power to exercise
significant influence. Where the Group cannot exercise control over an entity in which it has a shareholding greater than 51%,
the\u00a0equity interest is treated as an associate undertaking.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the
net\u00a0assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only
when\u00a0decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made
in\u00a0determining significant influence or joint control are similar to those necessary to determine control over subsidiaries.
Investments in associates and joint ventures are accounted for using the equity method and initially recognised at cost. The Group\u2019s
interest in the net assets of associates and joint ventures is included in Investments accounted for using the equity method in the
Balance sheet and its interest in their results is included in the Income statement, below operating result. The attributable results
of\u00a0those companies acquired or disposed of during the year are included for the periods of ownership.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-705": { "value": "
Investments in associates and joint ventures
An associate is an undertaking in which the Group has a long-term equity interest and over which it has the power to exercise
significant influence. Where the Group cannot exercise control over an entity in which it has a shareholding greater than 51%,
the\u00a0equity interest is treated as an associate undertaking.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the
net\u00a0assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only
when\u00a0decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made
in\u00a0determining significant influence or joint control are similar to those necessary to determine control over subsidiaries.
Investments in associates and joint ventures are accounted for using the equity method and initially recognised at cost. The Group\u2019s
interest in the net assets of associates and joint ventures is included in Investments accounted for using the equity method in the
Balance sheet and its interest in their results is included in the Income statement, below operating result. The attributable results
of\u00a0those companies acquired or disposed of during the year are included for the periods of ownership.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-708": { "value": "
Financial instruments
a Financial assets and liabilities
Financial assets and financial liabilities are classified, upon initial recognition, as measured at amortised cost, at fair value through
other comprehensive income (OCI) or fair value through profit or loss. Financial assets are not reclassified subsequent to their initial
recognition unless the Group changes its business model for managing financial assets.
The classification of financial assets at initial recognition depends on the financial assets\u2019 contractual cash flow characteristics and
the Group\u2019s business model for managing them.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash
flows that are \u2018solely payments of principal and interest\u2019 (SPPI) on the principal amount outstanding. A financial asset that is not SPPI
is classified and measured at fair value through profit or loss. This assessment is performed on an instrument by instrument basis.
The Group\u2019s business model for managing financial assets establishes how it manages its financial assets in order to generate cash
flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial
assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective
to\u00a0hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through
OCI are held within a business model with the objective of both collecting contractual cash flows and selling financial assets.
Long-term borrowings
Long-term borrowings are recorded at amortised cost.
Convertible debt
Convertible bonds are classified as either compound financial instruments or hybrid financial instruments depending on the
settlement alternatives upon redemption. Where the bondholders exercise their equity conversion options and the Group has no
alternative other than to settle the convertible bonds into a fixed number of ordinary shares of the Company, then the bonds are
classified as a compound financial instrument. Where the Group has an alternative settlement mechanism to the convertible bonds
that permits settlement in cash, then the convertible instrument is classified as a hybrid financial instrument.
Convertible bonds that are classified as compound financial instruments consist of a liability and an equity component. At the date
of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible
debt, and is subsequently recorded on an amortised cost basis using the effective interest method until extinguished on conversion
or maturity of the bonds, and is recognised within Borrowings. The difference between the proceeds of issue of the convertible
bonds and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity
of\u00a0the Group, is included in the equity portion of the convertible bonds in Other reserves and is not subsequently remeasured.
The\u00a0interest expense on the liability component is calculated by applying the effective interest rate for similar non-convertible debt
to the liability component of the instrument. The difference between this value and the interest paid is added to the carrying amount
of the liability.
Convertible bonds that are classified as hybrid financial instruments consist only of a liability component recognised within
Borrowings. At the date of issue, the entirety of the convertible bonds are accounted for at fair value with subsequent fair value
gains or losses recorded within Borrowings. The fair value of such financial instruments is obtained from their respective quoted
prices in\u00a0active markets, with the portion of the change in fair value attributable to changes in the credit risk of the convertible
bonds recognised in Other comprehensive income, and the portion of the change in fair value attributable to market conditions
recognised in the Income statement within Finance costs.
Issue costs associated with compound financial instruments are apportioned between the liability and equity components of the
convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity
component is charged directly against equity. Issue costs associated with hybrid financial instruments are expensed immediately
to\u00a0the Income statement.
Other equity investments
Other equity investments are non-derivative financial assets including listed and unlisted investments, excluding interests in associates
and joint ventures. On initial recognition, these equity investments are irrevocably designated as measured at fair value through
Other comprehensive income. They are subsequently measured at fair value, with changes in fair value recognised in Other
comprehensive income with no recycling of these gains and losses to the Income statement when the investment is sold or a change
in the structure of the transaction changes its classification as an Other equity instrument. Dividends received on other equity
investments are recognised in the Income statement.
The fair value of quoted investments is determined by reference to bid prices at the close of business on the balance sheet date.
Where there is no active market, fair value is determined using valuation techniques.
Interest-bearing deposits
Interest-bearing deposits, principally comprising funds held with banks and other financial institutions with contractual cash flows
that are SPPI, and held in order to collect contractual cash flows, are carried at amortised cost using the effective interest method.
Impairment of financial assets
At each balance sheet date, the Group recognises provisions for expected credit losses on financial assets measured at amortised
cost, based on either 12-month or lifetime losses depending on whether there has been a significant increase in credit risk since initial
recognition. The simplified approach, based on the calculation and recognition of lifetime expected credit losses, is applied to
contracts that have a maturity of one year or less, including trade receivables.
When determining whether there has been a significant increase in credit risk since initial recognition and when estimating the
expected credit loss, the Group considers reasonable and supportable information that is relevant and available. This includes both
quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment,
including forward-looking information. Such forward-looking information takes into consideration the forecast economic conditions
expected to impact the outstanding balances at the balance sheet date. A financial asset is written off when there is no reasonable
expectation of recovery, such as the customer having filed for liquidation.
b Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits with any qualifying financial institution repayable on demand
or\u00a0maturing within three months of the date of acquisition and which are subject to an insignificant risk of change in value.
c Derivative and non-derivative financial instruments and hedging activities
Derivative financial instruments, comprising interest rate swap derivatives, foreign exchange derivatives and fuel derivatives
(including options, swaps and forward contracts) are initially recognised at fair value on the date a derivative contract is entered
into\u00a0and are subsequently remeasured at their fair value. They are classified as financial instruments through the Income statement.
The\u00a0method of recognising the resulting gain or loss arising from remeasurement depends on whether the derivative is designated
as a hedging instrument, and if so the nature of the item being hedged (as detailed below under cash flow hedges). The time value
of options is excluded from the designated hedging instrument and accounted for as a cost of hedging. Movements in the time
value\u00a0of options are recognised in Other comprehensive income until the underlying transaction affects the Income statement.
When forward contracts are used to hedge forecast transactions, the Group generally designates only the spot component of
the\u00a0forward contract as the hedging instrument within a hedge relationship. The effective portion of gains or losses arising on the
change in fair value of the spot component is recognised within Other comprehensive income in the Cash flow hedge reserve within
equity. The forward component of a forward contract is not designated within a hedge relationship, with the associated gains and
losses on the forward component recorded within Other comprehensive income in the Cost of hedging reserve within equity until
the underlying transaction affects the Income statement.
To manage foreign exchange movements on foreign currency customer cash inflows (denominated in US dollars, euros and
Japanese yen), certain non-derivative repayment instalments on foreign currency-denominated interest-bearing liabilities are
designated as hedging instruments within a hedge relationship. The effective portion of gains or losses arising from movements
in\u00a0foreign exchange rates is recognised within Other comprehensive income in the Cash flow hedge reserve within equity.
Accumulated gains or losses within the Cash flow hedge reserve are transferred to Sales in advance of carriage in the same period
as\u00a0the forecast transaction occurs or when hedge accounting is discontinued when the forecast transaction is no longer expected
to\u00a0occur, at which point amounts are immediately reclassified to the Income statement.
When a derivative is designated as a hedging instrument and that instrument expires, is sold or is restructured, if the initial forecast
transaction is still expected to occur, then any cumulative gain or loss remains in the Cash flow hedge reserve until such time as the
hedged item impacts the Income statement. Where there is a change in the risk management objective, then hedge accounting
is\u00a0discontinued, and the associated cumulative gain or loss arising prior to the change in risk management objective remains in the
cash flow hedge reserve until such time as the underlying hedged item impacts the Income statement had the risk management
objective continued to have been met. Where a forecast transaction, which was previously determined to be highly probable and
for\u00a0which hedge accounting applied, is no longer expected to occur, hedge accounting is discontinued and the cumulative gain
or\u00a0loss in the cash flow hedge reserve is immediately reclassified to the Income statement.
Each operating company enters into foreign currency derivative contracts that are not designated in a hedge relationship, in order
to mitigate foreign exchange movements on financial liabilities designated in currencies other than the presentational currency of
each operating company, including but not limited to lease liabilities. Movements in the fair value of such derivatives are recognised
in the Income statement in the period in which they occur and are presented within Net currency retranslation charges.
Exchange gains and losses on monetary investments are taken to the Income statement unless the item has been designated and
is\u00a0assessed as an effective hedging instrument. Exchange gains and losses on non-monetary investments are reflected in equity.
d Cash flow hedges
Changes in the fair value of derivative financial instruments designated as in a cash flow hedge relationship of a highly probable
expected future transaction are assessed for effectiveness and accordingly recorded in the Cash flow hedge reserve within equity.
Hedge effectiveness
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. A hedging
relationship qualifies for hedge\u00a0accounting if it meets all of the following effectiveness requirements: (i) there is an economic
relationship between the hedged item\u00a0and the hedging instrument; (ii) the effect of credit risk does not dominate the value changes
that result from that economic relationship; and (iii) the hedge ratio is aligned with the requirements of the Group\u2019s risk management
strategy and in all instances is maintained at a ratio of 1:1.
The Group assesses whether the derivative designated as the hedging instrument in a hedge relationship is expected to be on
inception, and at each balance sheet date, effective in offsetting the changes in cash flows of the hedged item using the hypothetical
derivative model.
Sources of ineffectiveness include the following:
\u2022 In hedges of fuel purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally
estimated, or if there are changes in the credit risk of the Group or the derivative counterparty;
\u2022 In hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what
was\u00a0originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty;
\u2022 In hedges of interest rate payments, ineffectiveness may arise if there are differences in the critical terms between the interest
rate\u00a0derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative
counterparty; and
\u2022 In all hedges, ineffectiveness may arise if there are differences between the critical terms of the hedging instrument and the
hypothetical derivative, such as where on inception of the hedge relationship the fair value of the hedging instrument is not zero.
Ineffectiveness is recorded within the Income statement as Realised/unrealised (losses)/gains on derivatives not qualifying for hedge
accounting and presented within Other non-operating credits.
Reclassification and transfer adjustments
Gains and losses accumulated in the Cash flow hedge reserve within equity are either reclassified from the Cash flow hedge reserve
when the hedged item affects the Income statement, or transferred from the Cash flow hedge reserve when the hedged item gives
rise to recognition in the Balance sheet as follows:
\u2022 Where the forecast hedged item results in the recognition of expenses within the Income statement (such as the purchase
of\u00a0jet\u00a0fuel for which both fuel and the associated foreign currency derivatives are designated as the hedging instrument), the
accumulated gains and losses recorded in both the Cash flow hedge reserve and the Cost of hedging reserve are reclassified
and\u00a0included in the Income statement within the same caption as the hedged item is presented. Such reclassification occurs
in\u00a0the\u00a0same period as the hedged item is recognised in the Income statement;
\u2022 Where the forecast hedged item results in the recognition of a non-financial asset (such as the purchase of aircraft for which
foreign currency derivatives are designated as the hedging instrument or where the purchase of jet fuel gives rise to the
recognition of fuel inventory in storage facilities), or a non-financial liability (such as the sales in advance of carriage for which both
foreign currency derivatives and non-financial derivative instruments are designated as the hedging instrument), the accumulated
gains and losses recorded within both the Cash flow hedge reserve and the Cost of hedging reserve are transferred and included
in the initial cost of the asset and liability, respectively. These gains or losses are recorded in the Income statement as the non-
financial asset and the non-financial liability affects the Income statement (which for aircraft is through Depreciation, amortisation
and impairment over the expected life of the aircraft, for fuel inventory through Fuel costs and emission charges when it is
consumed and for sales in advance of carriage through Passenger revenue when the flight is flown); and
\u2022 Where the forecast hedged item results in the recognition of a financial asset or liability (such as variable rate debt for which
interest rate\u00a0swaps are designated as the hedging instrument), the accumulated gains and losses recorded within the Cash flow
hedge reserve are reclassified to the Income statement to Interest expense within Finance costs at the same time as the interest
income or expense arises on the hedged\u00a0item.
Further information on the risk management activities of the Group is given in note 29.
e Fair value hedges
Changes in the fair value of derivative financial instruments designated in a fair value hedge relationship are recorded within the
Income statement as Net change in the fair value associated with fair value hedges within Other non-operating credits. The change
in the fair value of the hedged item attributable to the risk being hedged is recorded as part of the overall carrying amount of the
hedged item and is recorded within the Income statement as Net change in the fair value associated with fair value hedges within
Other non-operating credits.
For fair value hedges associated with financial liabilities measured at amortised cost, any adjustment to the carrying value is
amortised to the Income statement from the date of the cessation of the hedge relationship through to the maturity of the hedged
item using the effective interest rate method.
If the hedged item is de-recognised, the unamortised fair value is recognised immediately in the Income statement.
Ineffectiveness included in fair value hedges of interest rate payments may arise if there are differences in the critical terms between
the interest rate derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the
derivative counterparty.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-711": { "value": "
a Financial assets and liabilities
Financial assets and financial liabilities are classified, upon initial recognition, as measured at amortised cost, at fair value through
other comprehensive income (OCI) or fair value through profit or loss. Financial assets are not reclassified subsequent to their initial
recognition unless the Group changes its business model for managing financial assets.
The classification of financial assets at initial recognition depends on the financial assets\u2019 contractual cash flow characteristics and
the Group\u2019s business model for managing them.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash
flows that are \u2018solely payments of principal and interest\u2019 (SPPI) on the principal amount outstanding. A financial asset that is not SPPI
is classified and measured at fair value through profit or loss. This assessment is performed on an instrument by instrument basis.
The Group\u2019s business model for managing financial assets establishes how it manages its financial assets in order to generate cash
flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial
assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective
to\u00a0hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through
OCI are held within a business model with the objective of both collecting contractual cash flows and selling financial assets.
Long-term borrowings
Long-term borrowings are recorded at amortised cost.
Convertible debt
Convertible bonds are classified as either compound financial instruments or hybrid financial instruments depending on the
settlement alternatives upon redemption. Where the bondholders exercise their equity conversion options and the Group has no
alternative other than to settle the convertible bonds into a fixed number of ordinary shares of the Company, then the bonds are
classified as a compound financial instrument. Where the Group has an alternative settlement mechanism to the convertible bonds
that permits settlement in cash, then the convertible instrument is classified as a hybrid financial instrument.
Convertible bonds that are classified as compound financial instruments consist of a liability and an equity component. At the date
of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible
debt, and is subsequently recorded on an amortised cost basis using the effective interest method until extinguished on conversion
or maturity of the bonds, and is recognised within Borrowings. The difference between the proceeds of issue of the convertible
bonds and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity
of\u00a0the Group, is included in the equity portion of the convertible bonds in Other reserves and is not subsequently remeasured.
The\u00a0interest expense on the liability component is calculated by applying the effective interest rate for similar non-convertible debt
to the liability component of the instrument. The difference between this value and the interest paid is added to the carrying amount
of the liability.
Convertible bonds that are classified as hybrid financial instruments consist only of a liability component recognised within
Borrowings. At the date of issue, the entirety of the convertible bonds are accounted for at fair value with subsequent fair value
gains or losses recorded within Borrowings. The fair value of such financial instruments is obtained from their respective quoted
prices in\u00a0active markets, with the portion of the change in fair value attributable to changes in the credit risk of the convertible
bonds recognised in Other comprehensive income, and the portion of the change in fair value attributable to market conditions
recognised in the Income statement within Finance costs.
Issue costs associated with compound financial instruments are apportioned between the liability and equity components of the
convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity
component is charged directly against equity. Issue costs associated with hybrid financial instruments are expensed immediately
to\u00a0the Income statement.
Other equity investments
Other equity investments are non-derivative financial assets including listed and unlisted investments, excluding interests in associates
and joint ventures. On initial recognition, these equity investments are irrevocably designated as measured at fair value through
Other comprehensive income. They are subsequently measured at fair value, with changes in fair value recognised in Other
comprehensive income with no recycling of these gains and losses to the Income statement when the investment is sold or a change
in the structure of the transaction changes its classification as an Other equity instrument. Dividends received on other equity
investments are recognised in the Income statement.
The fair value of quoted investments is determined by reference to bid prices at the close of business on the balance sheet date.
Where there is no active market, fair value is determined using valuation techniques.
Interest-bearing deposits
Interest-bearing deposits, principally comprising funds held with banks and other financial institutions with contractual cash flows
that are SPPI, and held in order to collect contractual cash flows, are carried at amortised cost using the effective interest method.
Impairment of financial assets
At each balance sheet date, the Group recognises provisions for expected credit losses on financial assets measured at amortised
cost, based on either 12-month or lifetime losses depending on whether there has been a significant increase in credit risk since initial
recognition. The simplified approach, based on the calculation and recognition of lifetime expected credit losses, is applied to
contracts that have a maturity of one year or less, including trade receivables.
When determining whether there has been a significant increase in credit risk since initial recognition and when estimating the
expected credit loss, the Group considers reasonable and supportable information that is relevant and available. This includes both
quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment,
including forward-looking information. Such forward-looking information takes into consideration the forecast economic conditions
expected to impact the outstanding balances at the balance sheet date. A financial asset is written off when there is no reasonable
expectation of recovery, such as the customer having filed for liquidation.
b Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits with any qualifying financial institution repayable on demand
or\u00a0maturing within three months of the date of acquisition and which are subject to an insignificant risk of change in value.
c Derivative and non-derivative financial instruments and hedging activities
Derivative financial instruments, comprising interest rate swap derivatives, foreign exchange derivatives and fuel derivatives
(including options, swaps and forward contracts) are initially recognised at fair value on the date a derivative contract is entered
into\u00a0and are subsequently remeasured at their fair value. They are classified as financial instruments through the Income statement.
The\u00a0method of recognising the resulting gain or loss arising from remeasurement depends on whether the derivative is designated
as a hedging instrument, and if so the nature of the item being hedged (as detailed below under cash flow hedges). The time value
of options is excluded from the designated hedging instrument and accounted for as a cost of hedging. Movements in the time
value\u00a0of options are recognised in Other comprehensive income until the underlying transaction affects the Income statement.
When forward contracts are used to hedge forecast transactions, the Group generally designates only the spot component of
the\u00a0forward contract as the hedging instrument within a hedge relationship. The effective portion of gains or losses arising on the
change in fair value of the spot component is recognised within Other comprehensive income in the Cash flow hedge reserve within
equity. The forward component of a forward contract is not designated within a hedge relationship, with the associated gains and
losses on the forward component recorded within Other comprehensive income in the Cost of hedging reserve within equity until
the underlying transaction affects the Income statement.
To manage foreign exchange movements on foreign currency customer cash inflows (denominated in US dollars, euros and
Japanese yen), certain non-derivative repayment instalments on foreign currency-denominated interest-bearing liabilities are
designated as hedging instruments within a hedge relationship. The effective portion of gains or losses arising from movements
in\u00a0foreign exchange rates is recognised within Other comprehensive income in the Cash flow hedge reserve within equity.
Accumulated gains or losses within the Cash flow hedge reserve are transferred to Sales in advance of carriage in the same period
as\u00a0the forecast transaction occurs or when hedge accounting is discontinued when the forecast transaction is no longer expected
to\u00a0occur, at which point amounts are immediately reclassified to the Income statement.
When a derivative is designated as a hedging instrument and that instrument expires, is sold or is restructured, if the initial forecast
transaction is still expected to occur, then any cumulative gain or loss remains in the Cash flow hedge reserve until such time as the
hedged item impacts the Income statement. Where there is a change in the risk management objective, then hedge accounting
is\u00a0discontinued, and the associated cumulative gain or loss arising prior to the change in risk management objective remains in the
cash flow hedge reserve until such time as the underlying hedged item impacts the Income statement had the risk management
objective continued to have been met. Where a forecast transaction, which was previously determined to be highly probable and
for\u00a0which hedge accounting applied, is no longer expected to occur, hedge accounting is discontinued and the cumulative gain
or\u00a0loss in the cash flow hedge reserve is immediately reclassified to the Income statement.
Each operating company enters into foreign currency derivative contracts that are not designated in a hedge relationship, in order
to mitigate foreign exchange movements on financial liabilities designated in currencies other than the presentational currency of
each operating company, including but not limited to lease liabilities. Movements in the fair value of such derivatives are recognised
in the Income statement in the period in which they occur and are presented within Net currency retranslation charges.
Exchange gains and losses on monetary investments are taken to the Income statement unless the item has been designated and
is\u00a0assessed as an effective hedging instrument. Exchange gains and losses on non-monetary investments are reflected in equity.
d Cash flow hedges
Changes in the fair value of derivative financial instruments designated as in a cash flow hedge relationship of a highly probable
expected future transaction are assessed for effectiveness and accordingly recorded in the Cash flow hedge reserve within equity.
Hedge effectiveness
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. A hedging
relationship qualifies for hedge\u00a0accounting if it meets all of the following effectiveness requirements: (i) there is an economic
relationship between the hedged item\u00a0and the hedging instrument; (ii) the effect of credit risk does not dominate the value changes
that result from that economic relationship; and (iii) the hedge ratio is aligned with the requirements of the Group\u2019s risk management
strategy and in all instances is maintained at a ratio of 1:1.
The Group assesses whether the derivative designated as the hedging instrument in a hedge relationship is expected to be on
inception, and at each balance sheet date, effective in offsetting the changes in cash flows of the hedged item using the hypothetical
derivative model.
Sources of ineffectiveness include the following:
\u2022 In hedges of fuel purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally
estimated, or if there are changes in the credit risk of the Group or the derivative counterparty;
\u2022 In hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what
was\u00a0originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty;
\u2022 In hedges of interest rate payments, ineffectiveness may arise if there are differences in the critical terms between the interest
rate\u00a0derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative
counterparty; and
\u2022 In all hedges, ineffectiveness may arise if there are differences between the critical terms of the hedging instrument and the
hypothetical derivative, such as where on inception of the hedge relationship the fair value of the hedging instrument is not zero.
Ineffectiveness is recorded within the Income statement as Realised/unrealised (losses)/gains on derivatives not qualifying for hedge
accounting and presented within Other non-operating credits.
Reclassification and transfer adjustments
Gains and losses accumulated in the Cash flow hedge reserve within equity are either reclassified from the Cash flow hedge reserve
when the hedged item affects the Income statement, or transferred from the Cash flow hedge reserve when the hedged item gives
rise to recognition in the Balance sheet as follows:
\u2022 Where the forecast hedged item results in the recognition of expenses within the Income statement (such as the purchase
of\u00a0jet\u00a0fuel for which both fuel and the associated foreign currency derivatives are designated as the hedging instrument), the
accumulated gains and losses recorded in both the Cash flow hedge reserve and the Cost of hedging reserve are reclassified
and\u00a0included in the Income statement within the same caption as the hedged item is presented. Such reclassification occurs
in\u00a0the\u00a0same period as the hedged item is recognised in the Income statement;
\u2022 Where the forecast hedged item results in the recognition of a non-financial asset (such as the purchase of aircraft for which
foreign currency derivatives are designated as the hedging instrument or where the purchase of jet fuel gives rise to the
recognition of fuel inventory in storage facilities), or a non-financial liability (such as the sales in advance of carriage for which both
foreign currency derivatives and non-financial derivative instruments are designated as the hedging instrument), the accumulated
gains and losses recorded within both the Cash flow hedge reserve and the Cost of hedging reserve are transferred and included
in the initial cost of the asset and liability, respectively. These gains or losses are recorded in the Income statement as the non-
financial asset and the non-financial liability affects the Income statement (which for aircraft is through Depreciation, amortisation
and impairment over the expected life of the aircraft, for fuel inventory through Fuel costs and emission charges when it is
consumed and for sales in advance of carriage through Passenger revenue when the flight is flown); and
\u2022 Where the forecast hedged item results in the recognition of a financial asset or liability (such as variable rate debt for which
interest rate\u00a0swaps are designated as the hedging instrument), the accumulated gains and losses recorded within the Cash flow
hedge reserve are reclassified to the Income statement to Interest expense within Finance costs at the same time as the interest
income or expense arises on the hedged\u00a0item.
Further information on the risk management activities of the Group is given in note 29.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-710": { "value": "
a Financial assets and liabilities
Financial assets and financial liabilities are classified, upon initial recognition, as measured at amortised cost, at fair value through
other comprehensive income (OCI) or fair value through profit or loss. Financial assets are not reclassified subsequent to their initial
recognition unless the Group changes its business model for managing financial assets.
The classification of financial assets at initial recognition depends on the financial assets\u2019 contractual cash flow characteristics and
the Group\u2019s business model for managing them.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash
flows that are \u2018solely payments of principal and interest\u2019 (SPPI) on the principal amount outstanding. A financial asset that is not SPPI
is classified and measured at fair value through profit or loss. This assessment is performed on an instrument by instrument basis.
The Group\u2019s business model for managing financial assets establishes how it manages its financial assets in order to generate cash
flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial
assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective
to\u00a0hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through
OCI are held within a business model with the objective of both collecting contractual cash flows and selling financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-709": { "value": "
a Financial assets and liabilities
Financial assets and financial liabilities are classified, upon initial recognition, as measured at amortised cost, at fair value through
other comprehensive income (OCI) or fair value through profit or loss. Financial assets are not reclassified subsequent to their initial
recognition unless the Group changes its business model for managing financial assets.
The classification of financial assets at initial recognition depends on the financial assets\u2019 contractual cash flow characteristics and
the Group\u2019s business model for managing them.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash
flows that are \u2018solely payments of principal and interest\u2019 (SPPI) on the principal amount outstanding. A financial asset that is not SPPI
is classified and measured at fair value through profit or loss. This assessment is performed on an instrument by instrument basis.
The Group\u2019s business model for managing financial assets establishes how it manages its financial assets in order to generate cash
flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial
assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective
to\u00a0hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through
OCI are held within a business model with the objective of both collecting contractual cash flows and selling financial assets.
Long-term borrowings
Long-term borrowings are recorded at amortised cost.
Convertible debt
Convertible bonds are classified as either compound financial instruments or hybrid financial instruments depending on the
settlement alternatives upon redemption. Where the bondholders exercise their equity conversion options and the Group has no
alternative other than to settle the convertible bonds into a fixed number of ordinary shares of the Company, then the bonds are
classified as a compound financial instrument. Where the Group has an alternative settlement mechanism to the convertible bonds
that permits settlement in cash, then the convertible instrument is classified as a hybrid financial instrument.
Convertible bonds that are classified as compound financial instruments consist of a liability and an equity component. At the date
of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible
debt, and is subsequently recorded on an amortised cost basis using the effective interest method until extinguished on conversion
or maturity of the bonds, and is recognised within Borrowings. The difference between the proceeds of issue of the convertible
bonds and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity
of\u00a0the Group, is included in the equity portion of the convertible bonds in Other reserves and is not subsequently remeasured.
The\u00a0interest expense on the liability component is calculated by applying the effective interest rate for similar non-convertible debt
to the liability component of the instrument. The difference between this value and the interest paid is added to the carrying amount
of the liability.
Convertible bonds that are classified as hybrid financial instruments consist only of a liability component recognised within
Borrowings. At the date of issue, the entirety of the convertible bonds are accounted for at fair value with subsequent fair value
gains or losses recorded within Borrowings. The fair value of such financial instruments is obtained from their respective quoted
prices in\u00a0active markets, with the portion of the change in fair value attributable to changes in the credit risk of the convertible
bonds recognised in Other comprehensive income, and the portion of the change in fair value attributable to market conditions
recognised in the Income statement within Finance costs.
Issue costs associated with compound financial instruments are apportioned between the liability and equity components of the
convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity
component is charged directly against equity. Issue costs associated with hybrid financial instruments are expensed immediately
to\u00a0the Income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-712": { "value": "
Long-term borrowings
Long-term borrowings are recorded at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-713": { "value": "
Impairment of financial assets
At each balance sheet date, the Group recognises provisions for expected credit losses on financial assets measured at amortised
cost, based on either 12-month or lifetime losses depending on whether there has been a significant increase in credit risk since initial
recognition. The simplified approach, based on the calculation and recognition of lifetime expected credit losses, is applied to
contracts that have a maturity of one year or less, including trade receivables.
When determining whether there has been a significant increase in credit risk since initial recognition and when estimating the
expected credit loss, the Group considers reasonable and supportable information that is relevant and available. This includes both
quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment,
including forward-looking information. Such forward-looking information takes into consideration the forecast economic conditions
expected to impact the outstanding balances at the balance sheet date. A financial asset is written off when there is no reasonable
expectation of recovery, such as the customer having filed for liquidation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-714": { "value": "
b Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits with any qualifying financial institution repayable on demand
or\u00a0maturing within three months of the date of acquisition and which are subject to an insignificant risk of change in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-717": { "value": "
c Derivative and non-derivative financial instruments and hedging activities
Derivative financial instruments, comprising interest rate swap derivatives, foreign exchange derivatives and fuel derivatives
(including options, swaps and forward contracts) are initially recognised at fair value on the date a derivative contract is entered
into\u00a0and are subsequently remeasured at their fair value. They are classified as financial instruments through the Income statement.
The\u00a0method of recognising the resulting gain or loss arising from remeasurement depends on whether the derivative is designated
as a hedging instrument, and if so the nature of the item being hedged (as detailed below under cash flow hedges). The time value
of options is excluded from the designated hedging instrument and accounted for as a cost of hedging. Movements in the time
value\u00a0of options are recognised in Other comprehensive income until the underlying transaction affects the Income statement.
When forward contracts are used to hedge forecast transactions, the Group generally designates only the spot component of
the\u00a0forward contract as the hedging instrument within a hedge relationship. The effective portion of gains or losses arising on the
change in fair value of the spot component is recognised within Other comprehensive income in the Cash flow hedge reserve within
equity. The forward component of a forward contract is not designated within a hedge relationship, with the associated gains and
losses on the forward component recorded within Other comprehensive income in the Cost of hedging reserve within equity until
the underlying transaction affects the Income statement.
To manage foreign exchange movements on foreign currency customer cash inflows (denominated in US dollars, euros and
Japanese yen), certain non-derivative repayment instalments on foreign currency-denominated interest-bearing liabilities are
designated as hedging instruments within a hedge relationship. The effective portion of gains or losses arising from movements
in\u00a0foreign exchange rates is recognised within Other comprehensive income in the Cash flow hedge reserve within equity.
Accumulated gains or losses within the Cash flow hedge reserve are transferred to Sales in advance of carriage in the same period
as\u00a0the forecast transaction occurs or when hedge accounting is discontinued when the forecast transaction is no longer expected
to\u00a0occur, at which point amounts are immediately reclassified to the Income statement.
When a derivative is designated as a hedging instrument and that instrument expires, is sold or is restructured, if the initial forecast
transaction is still expected to occur, then any cumulative gain or loss remains in the Cash flow hedge reserve until such time as the
hedged item impacts the Income statement. Where there is a change in the risk management objective, then hedge accounting
is\u00a0discontinued, and the associated cumulative gain or loss arising prior to the change in risk management objective remains in the
cash flow hedge reserve until such time as the underlying hedged item impacts the Income statement had the risk management
objective continued to have been met. Where a forecast transaction, which was previously determined to be highly probable and
for\u00a0which hedge accounting applied, is no longer expected to occur, hedge accounting is discontinued and the cumulative gain
or\u00a0loss in the cash flow hedge reserve is immediately reclassified to the Income statement.
Each operating company enters into foreign currency derivative contracts that are not designated in a hedge relationship, in order
to mitigate foreign exchange movements on financial liabilities designated in currencies other than the presentational currency of
each operating company, including but not limited to lease liabilities. Movements in the fair value of such derivatives are recognised
in the Income statement in the period in which they occur and are presented within Net currency retranslation charges.
Exchange gains and losses on monetary investments are taken to the Income statement unless the item has been designated and
is\u00a0assessed as an effective hedging instrument. Exchange gains and losses on non-monetary investments are reflected in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-716": { "value": "
c Derivative and non-derivative financial instruments and hedging activities
Derivative financial instruments, comprising interest rate swap derivatives, foreign exchange derivatives and fuel derivatives
(including options, swaps and forward contracts) are initially recognised at fair value on the date a derivative contract is entered
into\u00a0and are subsequently remeasured at their fair value. They are classified as financial instruments through the Income statement.
The\u00a0method of recognising the resulting gain or loss arising from remeasurement depends on whether the derivative is designated
as a hedging instrument, and if so the nature of the item being hedged (as detailed below under cash flow hedges). The time value
of options is excluded from the designated hedging instrument and accounted for as a cost of hedging. Movements in the time
value\u00a0of options are recognised in Other comprehensive income until the underlying transaction affects the Income statement.
When forward contracts are used to hedge forecast transactions, the Group generally designates only the spot component of
the\u00a0forward contract as the hedging instrument within a hedge relationship. The effective portion of gains or losses arising on the
change in fair value of the spot component is recognised within Other comprehensive income in the Cash flow hedge reserve within
equity. The forward component of a forward contract is not designated within a hedge relationship, with the associated gains and
losses on the forward component recorded within Other comprehensive income in the Cost of hedging reserve within equity until
the underlying transaction affects the Income statement.
To manage foreign exchange movements on foreign currency customer cash inflows (denominated in US dollars, euros and
Japanese yen), certain non-derivative repayment instalments on foreign currency-denominated interest-bearing liabilities are
designated as hedging instruments within a hedge relationship. The effective portion of gains or losses arising from movements
in\u00a0foreign exchange rates is recognised within Other comprehensive income in the Cash flow hedge reserve within equity.
Accumulated gains or losses within the Cash flow hedge reserve are transferred to Sales in advance of carriage in the same period
as\u00a0the forecast transaction occurs or when hedge accounting is discontinued when the forecast transaction is no longer expected
to\u00a0occur, at which point amounts are immediately reclassified to the Income statement.
When a derivative is designated as a hedging instrument and that instrument expires, is sold or is restructured, if the initial forecast
transaction is still expected to occur, then any cumulative gain or loss remains in the Cash flow hedge reserve until such time as the
hedged item impacts the Income statement. Where there is a change in the risk management objective, then hedge accounting
is\u00a0discontinued, and the associated cumulative gain or loss arising prior to the change in risk management objective remains in the
cash flow hedge reserve until such time as the underlying hedged item impacts the Income statement had the risk management
objective continued to have been met. Where a forecast transaction, which was previously determined to be highly probable and
for\u00a0which hedge accounting applied, is no longer expected to occur, hedge accounting is discontinued and the cumulative gain
or\u00a0loss in the cash flow hedge reserve is immediately reclassified to the Income statement.
Each operating company enters into foreign currency derivative contracts that are not designated in a hedge relationship, in order
to mitigate foreign exchange movements on financial liabilities designated in currencies other than the presentational currency of
each operating company, including but not limited to lease liabilities. Movements in the fair value of such derivatives are recognised
in the Income statement in the period in which they occur and are presented within Net currency retranslation charges.
Exchange gains and losses on monetary investments are taken to the Income statement unless the item has been designated and
is\u00a0assessed as an effective hedging instrument. Exchange gains and losses on non-monetary investments are reflected in equity.
d Cash flow hedges
Changes in the fair value of derivative financial instruments designated as in a cash flow hedge relationship of a highly probable
expected future transaction are assessed for effectiveness and accordingly recorded in the Cash flow hedge reserve within equity.
Hedge effectiveness
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. A hedging
relationship qualifies for hedge\u00a0accounting if it meets all of the following effectiveness requirements: (i) there is an economic
relationship between the hedged item\u00a0and the hedging instrument; (ii) the effect of credit risk does not dominate the value changes
that result from that economic relationship; and (iii) the hedge ratio is aligned with the requirements of the Group\u2019s risk management
strategy and in all instances is maintained at a ratio of 1:1.
The Group assesses whether the derivative designated as the hedging instrument in a hedge relationship is expected to be on
inception, and at each balance sheet date, effective in offsetting the changes in cash flows of the hedged item using the hypothetical
derivative model.
Sources of ineffectiveness include the following:
\u2022 In hedges of fuel purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally
estimated, or if there are changes in the credit risk of the Group or the derivative counterparty;
\u2022 In hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what
was\u00a0originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty;
\u2022 In hedges of interest rate payments, ineffectiveness may arise if there are differences in the critical terms between the interest
rate\u00a0derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative
counterparty; and
\u2022 In all hedges, ineffectiveness may arise if there are differences between the critical terms of the hedging instrument and the
hypothetical derivative, such as where on inception of the hedge relationship the fair value of the hedging instrument is not zero.
Ineffectiveness is recorded within the Income statement as Realised/unrealised (losses)/gains on derivatives not qualifying for hedge
accounting and presented within Other non-operating credits.
Reclassification and transfer adjustments
Gains and losses accumulated in the Cash flow hedge reserve within equity are either reclassified from the Cash flow hedge reserve
when the hedged item affects the Income statement, or transferred from the Cash flow hedge reserve when the hedged item gives
rise to recognition in the Balance sheet as follows:
\u2022 Where the forecast hedged item results in the recognition of expenses within the Income statement (such as the purchase
of\u00a0jet\u00a0fuel for which both fuel and the associated foreign currency derivatives are designated as the hedging instrument), the
accumulated gains and losses recorded in both the Cash flow hedge reserve and the Cost of hedging reserve are reclassified
and\u00a0included in the Income statement within the same caption as the hedged item is presented. Such reclassification occurs
in\u00a0the\u00a0same period as the hedged item is recognised in the Income statement;
\u2022 Where the forecast hedged item results in the recognition of a non-financial asset (such as the purchase of aircraft for which
foreign currency derivatives are designated as the hedging instrument or where the purchase of jet fuel gives rise to the
recognition of fuel inventory in storage facilities), or a non-financial liability (such as the sales in advance of carriage for which both
foreign currency derivatives and non-financial derivative instruments are designated as the hedging instrument), the accumulated
gains and losses recorded within both the Cash flow hedge reserve and the Cost of hedging reserve are transferred and included
in the initial cost of the asset and liability, respectively. These gains or losses are recorded in the Income statement as the non-
financial asset and the non-financial liability affects the Income statement (which for aircraft is through Depreciation, amortisation
and impairment over the expected life of the aircraft, for fuel inventory through Fuel costs and emission charges when it is
consumed and for sales in advance of carriage through Passenger revenue when the flight is flown); and
\u2022 Where the forecast hedged item results in the recognition of a financial asset or liability (such as variable rate debt for which
interest rate\u00a0swaps are designated as the hedging instrument), the accumulated gains and losses recorded within the Cash flow
hedge reserve are reclassified to the Income statement to Interest expense within Finance costs at the same time as the interest
income or expense arises on the hedged\u00a0item.
Further information on the risk management activities of the Group is given in note 29.
e Fair value hedges
Changes in the fair value of derivative financial instruments designated in a fair value hedge relationship are recorded within the
Income statement as Net change in the fair value associated with fair value hedges within Other non-operating credits. The change
in the fair value of the hedged item attributable to the risk being hedged is recorded as part of the overall carrying amount of the
hedged item and is recorded within the Income statement as Net change in the fair value associated with fair value hedges within
Other non-operating credits.
For fair value hedges associated with financial liabilities measured at amortised cost, any adjustment to the carrying value is
amortised to the Income statement from the date of the cessation of the hedge relationship through to the maturity of the hedged
item using the effective interest rate method.
If the hedged item is de-recognised, the unamortised fair value is recognised immediately in the Income statement.
Ineffectiveness included in fair value hedges of interest rate payments may arise if there are differences in the critical terms between
the interest rate derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the
derivative counterparty.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-715": { "value": "
c Derivative and non-derivative financial instruments and hedging activities
Derivative financial instruments, comprising interest rate swap derivatives, foreign exchange derivatives and fuel derivatives
(including options, swaps and forward contracts) are initially recognised at fair value on the date a derivative contract is entered
into\u00a0and are subsequently remeasured at their fair value. They are classified as financial instruments through the Income statement.
The\u00a0method of recognising the resulting gain or loss arising from remeasurement depends on whether the derivative is designated
as a hedging instrument, and if so the nature of the item being hedged (as detailed below under cash flow hedges). The time value
of options is excluded from the designated hedging instrument and accounted for as a cost of hedging. Movements in the time
value\u00a0of options are recognised in Other comprehensive income until the underlying transaction affects the Income statement.
When forward contracts are used to hedge forecast transactions, the Group generally designates only the spot component of
the\u00a0forward contract as the hedging instrument within a hedge relationship. The effective portion of gains or losses arising on the
change in fair value of the spot component is recognised within Other comprehensive income in the Cash flow hedge reserve within
equity. The forward component of a forward contract is not designated within a hedge relationship, with the associated gains and
losses on the forward component recorded within Other comprehensive income in the Cost of hedging reserve within equity until
the underlying transaction affects the Income statement.
To manage foreign exchange movements on foreign currency customer cash inflows (denominated in US dollars, euros and
Japanese yen), certain non-derivative repayment instalments on foreign currency-denominated interest-bearing liabilities are
designated as hedging instruments within a hedge relationship. The effective portion of gains or losses arising from movements
in\u00a0foreign exchange rates is recognised within Other comprehensive income in the Cash flow hedge reserve within equity.
Accumulated gains or losses within the Cash flow hedge reserve are transferred to Sales in advance of carriage in the same period
as\u00a0the forecast transaction occurs or when hedge accounting is discontinued when the forecast transaction is no longer expected
to\u00a0occur, at which point amounts are immediately reclassified to the Income statement.
When a derivative is designated as a hedging instrument and that instrument expires, is sold or is restructured, if the initial forecast
transaction is still expected to occur, then any cumulative gain or loss remains in the Cash flow hedge reserve until such time as the
hedged item impacts the Income statement. Where there is a change in the risk management objective, then hedge accounting
is\u00a0discontinued, and the associated cumulative gain or loss arising prior to the change in risk management objective remains in the
cash flow hedge reserve until such time as the underlying hedged item impacts the Income statement had the risk management
objective continued to have been met. Where a forecast transaction, which was previously determined to be highly probable and
for\u00a0which hedge accounting applied, is no longer expected to occur, hedge accounting is discontinued and the cumulative gain
or\u00a0loss in the cash flow hedge reserve is immediately reclassified to the Income statement.
Each operating company enters into foreign currency derivative contracts that are not designated in a hedge relationship, in order
to mitigate foreign exchange movements on financial liabilities designated in currencies other than the presentational currency of
each operating company, including but not limited to lease liabilities. Movements in the fair value of such derivatives are recognised
in the Income statement in the period in which they occur and are presented within Net currency retranslation charges.
Exchange gains and losses on monetary investments are taken to the Income statement unless the item has been designated and
is\u00a0assessed as an effective hedging instrument. Exchange gains and losses on non-monetary investments are reflected in equity.
d Cash flow hedges
Changes in the fair value of derivative financial instruments designated as in a cash flow hedge relationship of a highly probable
expected future transaction are assessed for effectiveness and accordingly recorded in the Cash flow hedge reserve within equity.
Hedge effectiveness
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. A hedging
relationship qualifies for hedge\u00a0accounting if it meets all of the following effectiveness requirements: (i) there is an economic
relationship between the hedged item\u00a0and the hedging instrument; (ii) the effect of credit risk does not dominate the value changes
that result from that economic relationship; and (iii) the hedge ratio is aligned with the requirements of the Group\u2019s risk management
strategy and in all instances is maintained at a ratio of 1:1.
The Group assesses whether the derivative designated as the hedging instrument in a hedge relationship is expected to be on
inception, and at each balance sheet date, effective in offsetting the changes in cash flows of the hedged item using the hypothetical
derivative model.
Sources of ineffectiveness include the following:
\u2022 In hedges of fuel purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally
estimated, or if there are changes in the credit risk of the Group or the derivative counterparty;
\u2022 In hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what
was\u00a0originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty;
\u2022 In hedges of interest rate payments, ineffectiveness may arise if there are differences in the critical terms between the interest
rate\u00a0derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative
counterparty; and
\u2022 In all hedges, ineffectiveness may arise if there are differences between the critical terms of the hedging instrument and the
hypothetical derivative, such as where on inception of the hedge relationship the fair value of the hedging instrument is not zero.
Ineffectiveness is recorded within the Income statement as Realised/unrealised (losses)/gains on derivatives not qualifying for hedge
accounting and presented within Other non-operating credits.
Reclassification and transfer adjustments
Gains and losses accumulated in the Cash flow hedge reserve within equity are either reclassified from the Cash flow hedge reserve
when the hedged item affects the Income statement, or transferred from the Cash flow hedge reserve when the hedged item gives
rise to recognition in the Balance sheet as follows:
\u2022 Where the forecast hedged item results in the recognition of expenses within the Income statement (such as the purchase
of\u00a0jet\u00a0fuel for which both fuel and the associated foreign currency derivatives are designated as the hedging instrument), the
accumulated gains and losses recorded in both the Cash flow hedge reserve and the Cost of hedging reserve are reclassified
and\u00a0included in the Income statement within the same caption as the hedged item is presented. Such reclassification occurs
in\u00a0the\u00a0same period as the hedged item is recognised in the Income statement;
\u2022 Where the forecast hedged item results in the recognition of a non-financial asset (such as the purchase of aircraft for which
foreign currency derivatives are designated as the hedging instrument or where the purchase of jet fuel gives rise to the
recognition of fuel inventory in storage facilities), or a non-financial liability (such as the sales in advance of carriage for which both
foreign currency derivatives and non-financial derivative instruments are designated as the hedging instrument), the accumulated
gains and losses recorded within both the Cash flow hedge reserve and the Cost of hedging reserve are transferred and included
in the initial cost of the asset and liability, respectively. These gains or losses are recorded in the Income statement as the non-
financial asset and the non-financial liability affects the Income statement (which for aircraft is through Depreciation, amortisation
and impairment over the expected life of the aircraft, for fuel inventory through Fuel costs and emission charges when it is
consumed and for sales in advance of carriage through Passenger revenue when the flight is flown); and
\u2022 Where the forecast hedged item results in the recognition of a financial asset or liability (such as variable rate debt for which
interest rate\u00a0swaps are designated as the hedging instrument), the accumulated gains and losses recorded within the Cash flow
hedge reserve are reclassified to the Income statement to Interest expense within Finance costs at the same time as the interest
income or expense arises on the hedged\u00a0item.
Further information on the risk management activities of the Group is given in note 29.
e Fair value hedges
Changes in the fair value of derivative financial instruments designated in a fair value hedge relationship are recorded within the
Income statement as Net change in the fair value associated with fair value hedges within Other non-operating credits. The change
in the fair value of the hedged item attributable to the risk being hedged is recorded as part of the overall carrying amount of the
hedged item and is recorded within the Income statement as Net change in the fair value associated with fair value hedges within
Other non-operating credits.
For fair value hedges associated with financial liabilities measured at amortised cost, any adjustment to the carrying value is
amortised to the Income statement from the date of the cessation of the hedge relationship through to the maturity of the hedged
item using the effective interest rate method.
If the hedged item is de-recognised, the unamortised fair value is recognised immediately in the Income statement.
Ineffectiveness included in fair value hedges of interest rate payments may arise if there are differences in the critical terms between
the interest rate derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the
derivative counterparty.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-718": { "value": "
Employee benefit plans
a Pension obligations
The Group has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the
Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions
if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior years.
Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent
on one or more factors such as age, years of service and compensation. The pension benefits are dependent on the pension scheme
rules and relevant pensions legislation including applicable case law.
The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the
amount of future benefit that employees have earned in return for their service in the current and prior years. The benefit is
discounted to determine its present value, and the fair value of any plan assets are deducted. The discount rate is the yield at the
balance sheet date on AA-rated corporate bonds of the appropriate currency that have durations approximating those of the
Group\u2019s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the net
obligation calculation results in an asset for the Group, the recognition of an asset is limited to any future refunds, net of the relevant
taxes, from the plan or reductions in future contributions to the plan (\u2018the asset ceiling\u2019). The fair value of the plan assets is based
on\u00a0market price information and, in the case of quoted securities, is the published bid price. The fair value of insurance policies which
exactly match the amount and timing of some or all benefits payable under the scheme are deemed to be the present value of the
related obligations. Longevity swaps are measured at their fair value.
Current service costs are recognised within Employee costs in the year in which they arise. Past service costs are recognised in
the\u00a0event of a plan amendment or curtailment, or when the Group recognises related restructuring costs or severance obligations.
The\u00a0net interest is calculated by applying the discount rate used to measure the defined benefit obligation at the beginning of the
period to the net defined benefit liability or asset, taking into account any changes in the net defined benefit liability or asset during
the period as a result of contributions and benefit payments. Net interest and other expenses related to the defined benefit plans
are\u00a0recognised in the Income statement. Remeasurements, comprising IAS 19 gains and losses, the effect of the asset ceiling
(excluding interest) and the return on plan assets (excluding interest), are recognised immediately in Other comprehensive income.
Remeasurements are not reclassified to the Income statement in subsequent periods.
b Severance obligations
Severance obligations are recognised when employment is terminated by the Group before the normal retirement date, or whenever an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises a provision for severance payments when
it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without
realistic possibility of withdrawal, or to providing severance payments as a result of an offer made to encourage voluntary redundancy.
Other employee benefits are recognised when there is deemed to be a present obligation.
c Flight crew provisions
The Group\u2019s obligations in respect of flight crew provisions are calculated separately for each collective bargaining agreement.
In\u00a0estimating these obligations, the Group makes assumptions regarding the number of employees who will elect to take early
retirement under these agreements, and the age at which they make this election (where relevant), using the probability-weighted
methodology. The Group recognises a provision for service costs from the date of employment of the relevant individual, with the
corresponding amount recorded within the Income statement. The provisions recognised are discounted at the balance sheet date
and the effect of unwinding of these discount rates is recognised as a finance cost in the Income statement.
Remeasurements of the provisions are made for changes in financial assumptions and recorded in Other comprehensive income.
The\u00a0Group records changes through Other comprehensive income, where assumptions regarding the elections to be made by
individuals differ to actual elections. These calculations are performed by a qualified actuary using the projected unit credit method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-719": { "value": "
Taxation
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date.
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements, with the following exceptions:
\u2022 Where the temporary differences arise on the initial recognition of an asset or liability in a transaction other than a business
combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise
to\u00a0equal taxable and deductible temporary differences;
\u2022 In respect of taxable temporary differences associated with investments in subsidiaries or associates, where the timing of the
reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
foreseeable future; and
\u2022 Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, carried forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the
related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Income tax is charged or credited directly to equity if it relates to items that are credited or charged to equity. Otherwise income
tax\u00a0is recognised in the Income statement.
International tax reform: Pillar Two implementation
On 23 May 2023, the IASB issued the amendments to IAS 12 \u2013 International tax reform: Pillar Two model reforms effective for periods
beginning on or after 1 January 2023. The amendments to IAS 12 provide temporary mandatory relief from the recognition
of\u00a0deferred tax balances arising from the implementation of the Pillar Two legislation. The Group has applied a temporary mandatory
relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-720": { "value": "
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements, with the following exceptions:
\u2022 Where the temporary differences arise on the initial recognition of an asset or liability in a transaction other than a business
combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise
to\u00a0equal taxable and deductible temporary differences;
\u2022 In respect of taxable temporary differences associated with investments in subsidiaries or associates, where the timing of the
reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
foreseeable future; and
\u2022 Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, carried forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the
related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-721": { "value": "
Inventories
Inventories are valued at the lower of cost and net realisable value. Such cost is determined by the weighted average cost method.
Inventories include mainly aircraft spare parts, repairable aircraft engine parts and fuel held in storage facilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-722": { "value": "
Share-based payments
The Group operates a number of equity-settled, share-based payment plans, under which the Group awards equity instruments of
the Group for services rendered by employees. The fair value of the share-based payment plans is measured at the date of grant
using a valuation model provided by external specialists. The resulting cost, as adjusted for the expected and actual level of vesting
of the plan, is charged to the Income statement over the period in which the options vest. At each balance sheet date before vesting,
the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best
estimate of the achievement or otherwise of non-market conditions, and accordingly the number of equity instruments that will
ultimately vest. The movement in the cumulative expense since the previous balance sheet date is recognised in the Income
statement with a corresponding entry in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-723": { "value": "
Treasury shares
When the share capital of the Company is repurchased, the amount of the consideration paid, including directly attributable transaction
costs, is recognised as a deduction from equity within the treasury share reserve. When treasury shares are sold or reissued,
the\u00a0amount received is recognised as an increase in equity, and the resulting gain or loss on the transaction is presented
as\u00a0an\u00a0adjustment to Retained earnings with no gain or loss recorded in the Income statement. When treasury shares are cancelled,
the\u00a0nominal value of the shares is deducted from share capital, and any difference between the cost of repurchase and nominal value
is charged or credited to share premium or reserves.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-724": { "value": "
Provisions
Provisions are made when all of the following criteria have been met: (i) an obligation exists for a present liability in respect of a past
event; (ii) the amount of the obligation can be reliably estimated; and (iii) it is considered probable that an outflow of\u00a0economic
resources will be required to settle the obligation. Where it is not considered probable that there will be an outflow of\u00a0economic resources
required to settle the obligation, the Group does not recognise a provision, but discloses the matter as a contingent liability. The
Group assesses whether each matter is probable of there being an outflow of economic resources to settle the obligation at each
balance sheet date.
Employee leaving indemnities and other employee provisions are recorded for flight crew who, meeting certain conditions, have the
option of being placed on reserve or of taking early retirement. The Group is obligated to remunerate these employees until they reach
the statutory retirement age. The calculation is performed by qualified independent actuaries using the projected unit credit method.
Other employee related provisions are recognised for direct expenditures of business reorganisation such as severance payments
(restructuring provisions) where plans are sufficiently detailed and well advanced, and where appropriate communication to those
affected has been undertaken at the balance sheet date.
The method for determining legal claims provisions is determined on a claim-by-claim basis. Where a claim includes a significant
population of items, the weighted average provision is estimated by determining all potential outcomes and the probability of their
occurrence. Where a claim relates to a single item, then the Group determines the associated provision by applying the most likely
outcome, giving consideration to alternative outcomes. Where an individual claim is significant, the disclosure of quantitative
information is restricted to the extent that it does not prejudice the outcome of the claim. If the effect is material, expected future
cash flows are discounted using a rate that reflects, where appropriate, the risks specific to the provision. Where discounting is used,
the effect of unwinding the discount rate is recognised as a Finance cost in the Income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-725": { "value": "
Revenue recognition
Passenger revenue
The Group\u2019s revenue primarily derives from transportation services for both passengers and cargo. Revenue is recognised when the
transportation service has been provided.
Passenger tickets are generally paid for in advance of transportation and are recognised, net of discounts, as Deferred revenue and
presented within current liabilities until either: (i) the customer has flown; or (ii) the customer does not fly on the intended date and
has purchased a non-flexible fare.
For flexible and semi-flexible tickets, when the customer does not travel on the intended date, a term referred to as \u2018unused tickets\u2019,
the customer has a number of options they can elect to apply, depending on the fare type: (i) reschedule the date of intended travel;
(ii) request a refund, subject to terms and conditions; or (iii) request a voucher.
The Group estimates the amount of these unused tickets for which customers are not expected to exercise their remaining rights
prior to expiry based on the terms and conditions of the ticket and analysis of historical experience, a term referred to as \u2018unused
ticket breakage\u2019. This revenue is recognised based on the terms and conditions of the ticket and analysis of historical experience.
For\u00a0unused ticket breakage, revenue is recognised only when the risk of a significant reversal of revenue is remote. The estimation
regarding historical experience is updated at each balance sheet date.
Where a flight is cancelled, the customer has a number of options they can elect to apply to their unused tickets: (i) compensation;
(ii) a refund; (iii) changing to an alternative flight; or (iv) the receipt of a voucher.
The presentation in the financial statements of these customer options, to the extent they differ to the recognition criteria stated
above, are as follows:
\u2022 Compensation for flight cancellation \u2013 such payments are presented net within Passenger revenue against the original ticket purchased;
\u2022 Refund \u2013 deferred revenue is reduced and no amount is recorded within revenue;
\u2022 Changing to an alternative flight \u2013 amounts are retained within Deferred revenue until such time as the flight is flown, at which
time it is recorded within Passenger revenue; and
\u2022 Voucher \u2013 retained within Deferred revenue until such time as it is redeemed for a flight or it expires, at which time it is recorded
within Passenger revenue.
In relation to vouchers, the Group also recognises revenue by estimating the amount of vouchers that customers are not expected
to exercise their remaining rights prior to expiry using analysis of historical experience. The estimation regarding historical
experience is updated at each balance sheet date. The amount of such revenue recognised is constrained, where necessary,
such\u00a0that the risk of a significant reversal of revenue in the future is remote.
Payments received in relation to certain ancillary services regarding passenger transportation, such as change fees, are not
considered to be distinct from the performance obligation to provide the passenger flight. Payments relating to these ancillary
services are recognised in Deferred revenue in current liabilities until the customer has flown.
The Group considers whether it is an agent or a principal in relation to passenger transportation services by considering whether
it\u00a0has a performance obligation to provide services to the customer or whether the obligation is to arrange for the services to be
provided by a third party. The Group acts as an agent where: (i) it collects various taxes, duties and fees assessed on the sale
of\u00a0tickets to passengers and remits these to the relevant taxing authorities; and (ii) where it provides interline services to airline
partners outside the Group. Commissions earned in relation to agency services are recognised as revenue when the underlying
goods or services have been transferred to the customer. In all other instances, the Group considers it acts as the principal in relation
to passenger transportation services.
Cargo revenue
The Group has identified a single performance obligation in relation to cargo services and the associated revenue is measured
at\u00a0its\u00a0standalone selling price and recognised on satisfaction of the performance obligation, which occurs on the fulfilment of the
transportation service.
Other revenue
The Group has identified several performance obligations in relation to services that give rise to revenue being recognised within
Other revenue. These services, their performance obligations and associated revenue recognition include:
\u2022 The provision of maintenance services and overhaul services for engines and airframes, where the Group is engaged to enhance
an\u00a0asset while the customer retains control of the asset. Accordingly, the performance obligations are satisfied, and revenue
recognised, over time. The Group estimates the proportion of the contract completed at the balance sheet date and recognises
revenue based on the percentage of completion of the contract;
\u2022 The provision of ground-handling services, where the performance obligations are fulfilled when the services are provided;
\u2022 The provision of holiday and hotel services, where the performance obligations are satisfied over time as the customer receives
the\u00a0benefit of the service; and
\u2022 Brand and marketing activities, where the performance obligations are satisfied as the associated activities occur.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-726": { "value": "
Customer loyalty programmes
The Group operates four principal loyalty programmes: the British Airways Club, Iberia Club, Vueling Club and Aer\u00a0Lingus AerClub.
The customer loyalty programmes award travellers Avios to redeem for various rewards, primarily redemption travel, including
flights, hotels and car hire. Avios are also sold to commercial partners to use in loyalty activity.
Avios issuance
When issued, the relative standalone selling price of an Avios is recorded within Deferred revenue in current liabilities until the
customer redeems the Avios. The relative standalone selling price of Avios is based on the value of the awards for which the Avios
could be redeemed. The Group also recognises revenue associated with the proportion of Avios that are not expected to be
redeemed, referred to as \u2018breakage\u2019, based on the results of modelling using historical experience and expected future trends
in\u00a0customer behaviour, up until the balance sheet date. The amount of such revenue recognised is limited, where necessary,
such\u00a0that the risk of a significant reversal of revenue in the future is remote.
Where the issuance of Avios arises from travel on the Group\u2019s airlines, the consideration received from the customer may differ to
the aggregation of the relative standalone selling prices. In such instances, the allocation of the consideration to each performance
obligation is undertaken on a proportional basis using the relative standalone selling prices.
The Group has contractual arrangements with non-Group airlines and non-air partners for the issuance and redemption of Avios,
for\u00a0which it has identified the following performance obligations:
Companion vouchers
Certain non-air partners issue their cardholders with companion vouchers, which form part of the variable consideration of the
overall contract, depending on the level of expenditure by the cardholders, for redemption on the airlines of the Group for the same
flight and class of cabin as the underlying fare being purchased. The Group estimates the standalone selling price of the companion
voucher performance obligation, using valuation techniques, by reference to the amount that a third party would be prepared to pay
in an arm\u2019s length transaction.
Brand and marketing activities
For both air and non-air partners, the Group licenses the Avios and the airline brands for certain activities, such as the creation
of co-branded credit cards. In addition, the Group has certain contractual arrangements whereby it commits to provide marketing
services to the\u00a0members of the loyalty schemes on behalf of those partners. Under IFRS 15, for the provision of both brand and
marketing services, the partner receives benefits incremental to the issuance of Avios. The Group estimates the standalone selling
price of the brand and marketing performance obligations, using valuation techniques, by reference to the amount that a third party
would be prepared to pay in an arm\u2019s length transaction for access to comparable brands for the period over which they use the
brand. For\u00a0brand services, as the Group considers that the partner has the right to use the brand, revenue is recognised as the brand
service is provided and not over time. For marketing performance obligations, revenue is recognised as the marketing activities occur.
Upfront payments
Where a partner makes an upfront payment to the Group that does not relate to any specific performance obligation, then the
Group considers such a payment as an advance payment for future goods and services and the associated revenue is recognised
as\u00a0those goods and services are provided, as detailed above. In such instances, the payment is allocated across all of the
performance obligations over the contract term. The Group estimates the expected level of Avios to be issued over the contract
term using experience together with historical and expected future trends, and allocates the payments to the relevant performance
obligations accordingly. At each balance sheet date, the Group updates its estimate of the number of Avios expected to be issued
over the total contract term and recognises a cumulative catch-up adjustment where necessary.
When a partner makes an upfront payment to the Group, the Group assesses whether such a payment is representative of a
significant financing event. Where a significant financing component is identified, the Group estimates a market rate of interest that
an arm\u2019s length financial liability of similar size and tenor would yield. The Group recognises the imputed interest within the Income
statement as Other finance costs within Finance costs.
Other considerations
The Group considers whether it is an agent or a principal in relation to the loyalty services by considering whether it has a performance
obligation to provide services to the customer or whether the obligation is to arrange for the services to be provided by a third
party. In particular, the Group acts as an agent where customers redeem their Avios on interline partner flights outside\u00a0the\u00a0Group,
where the fees payable to the interline partner are presented net against the associated release of the Deferred revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-727": { "value": "
Exceptional items
Exceptional items are those that in management\u2019s view need to be separately disclosed by virtue of their size or nature and where
such presentation is relevant to an understanding of the Group\u2019s financial performance. While management has defined a list of
items and a quantitative threshold that would merit categorisation as exceptional that has been established through historical
experience, the Group retains the flexibility to add additional items should their size or nature merit such presentation. The accounting
policy in respect of exceptional items and classification of an item as exceptional is approved by the Board, through the\u00a0Audit and
Compliance Committee.
The financial performance of the Group is monitored by the Management Committee and the Board using metrics that exclude
exceptional items to enable\u00a0comparison to prior reporting periods as well as to other selected companies, and also for making
strategic, financial and operational\u00a0decisions.
The exceptional items recorded in the Income statement include, but are not limited to, items such as: significant settlement
agreements with the Group\u2019s pension schemes; significant restructuring; the impact of business combination transactions that do
not contribute to the ongoing results of the Group; significant discontinuance of hedge accounting; legal settlements; individually
significant tax transactions; and the impact of the sale, disposal or impairment of an asset or investment in a business. Where
exceptional items are separately disclosed, the resultant tax impact is additionally separately disclosed. Certain exceptional items
may cover more than a single reporting period, such as significant restructuring events, but not more than two reporting periods.
Further information is given in the Alternative performance measures section.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-728": { "value": "
Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received. Loans provided and/or
guaranteed by governments that represent market rates of interest are recorded at the amount of the proceeds received and
recognised within Borrowings. Those loans provided and/or guaranteed by governments that represent below-market rates of
interest are measured at inception at their fair value and recognised within Borrowings, with the differential to the proceeds received
recorded within Deferred income and released to the relevant financial statement caption in the Income statement on a systematic
basis. Grants that compensate the Group for expenses incurred are recognised in the Income statement under the relevant financial
statement caption on a systematic basis in the periods in which the expenses are recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-730": { "value": "
Critical accounting estimates, assumptions and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect
the\u00a0application of policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimates
and\u00a0associated assumptions are based on historical experience and various other factors believed to be reasonable under the
circumstances. Actual results in the future may differ from judgements and estimates upon which financial information has
been\u00a0prepared. These underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised\u00a0prospectively.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets
and\u00a0liabilities within the next financial year are as follows:
\u2022 Revenue recognition (note 24): breakage assumptions applied to passenger revenue, customer loyalty programmes and
unredeemed vouchers;
\u2022 Restoration and handback provisions (note 27): key assumptions underlying the carrying value of the provisions; and
\u2022 Employee benefit obligations (note 34): Airways Pension Scheme (APS) and New Airways Pension Scheme (NAPS) key actuarial
assumptions.
The judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year are as follows:
\u2022 Income taxes (note 10): determining whether payments made to HMRC in relation to the IAG Loyalty VAT accounting are recoverable;
\u2022 Leases (note 14): determining the lease term of contracts with renewal and termination options; and
\u2022 Restoration and handback provisions (note 27): determination of accounting policy for leased aircraft.
New standards, amendments and interpretations
The following amendments and interpretations apply for the first time in 2025, but do not have a material impact on the
consolidated financial statements of the Group:
\u2022 Lack of exchangeability \u2013 amendments to IAS 21 effective for periods beginning on or after 1 January 2025.
The IASB and the IFRS Interpretations Committee (IFRIC) have issued the following standards, amendments and interpretations with\u00a0an
effective date after the year end of these financial statements. The Group has assessed the impact of these standards, amendments
and interpretations, and it is not expected that these will have a material effect on the reported income or net assets of the Group.
The Group plans to adopt the following standards, interpretations and amendments on the date they become mandatory:
\u2022 Classification and measurement of financial instruments \u2013 amendments to IFRS 9 and IFRS 7 effective for periods beginning
on\u00a0or\u00a0after 1 January 2026.
IFRS 18 Presentation and disclosure in financial statements
IFRS 18 becomes effective for periods beginning on or after 1\u00a0January 2027 and replaces IAS 1 Presentation of financial statements.
IFRS 18 is applicable retrospectively. The new standard introduces the following:
\u2022 A requirement to classify all income and expenses within the Income statement into one of five categories: operating, investing,
financing, income taxes and discontinued operations, for which the first three are new. There is no change to the existing
recognition and measurement criteria within IFRS, and accordingly, there will be no change to profit after tax;
\u2022 The disclosure of all Income statement non-GAAP measures used to monitor the financial performance of the Group, referred
to\u00a0as\u00a0Management-defined performance measures (MPMs), are disclosed within a single note to the financial statements;
\u2022 Additional guidance on the aggregation and disaggregation of information in the financial statements;
\u2022 In the Cash flow statement, interest received and interest paid, currently presented within cash flows from operating activities,
will\u00a0be reclassified to cash flows from investing activities and cash flows from financing activities, respectively.
The Group is currently assessing the detailed implications of\u00a0applying the new standard on the Group\u2019s consolidated financial
statements. The initial expected material impacts on the Group\u2019s consolidated financial statements are as follows:
\u2022 In the Income statement, foreign exchange differences will be classified in the category where the related income and expense
form\u00a0the item giving rise to the foreign exchange difference;
\u2022 In the Income statement, ineffectiveness arising from hedge relationships as well as realised and unrealised gains/losses on derivatives
not qualifying for hedge accounting will be classified in the category where the related underlying transaction is recorded;
\u2022 In the cash flow statement, interest received and interest paid will be classified within cash flows from investing activities and cash
flows from financing activities, respectively; and
\u2022 The introduction of MPMs and their interaction with existing Alternative performance measures (APMs).
Significant accounting judgement applied \u2013 Determining whether payments made to HMRC in relation to the IAG Loyalty VAT
accounting are recoverable
At 31 December 2025 the Group recognised, as a Non-current other asset, \u20ac507 million in respect of VAT it expects to recover
from\u00a0HMRC in the UK.
The Group applies judgement in the determination as to whether it considers the outcome of the judicial process between IAG
Loyalty and HMRC, with regard to the IAG Loyalty VAT accounting, is more probable than not to result in a favourable outcome
to\u00a0the Group, and accordingly whether to record the aforementioned payments as an asset.
In forming its judgement, the Group has reviewed the decision letter issued by HMRC and the correspondence with HMRC
on\u00a0this\u00a0matter, including having considered the historical tax ruling issued by HMRC to the Group on this matter.
The Directors are satisfied that it is probable that a favourable outcome will eventuate, and accordingly the Group continues
to\u00a0consider at 31 December 2025, and through to the date of this report, that the \u20ac507 million asset recognised as a result of the
payment to HMRC is recoverable.
Significant accounting judgement applied \u2013 Determining the lease term of contracts with renewal and termination options
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to
extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is
reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain whether or not to
exercise the option to renew or terminate the lease. Such judgement includes consideration of fleet plans, which underpin approved
business plans and historical experience regarding the extension of leases. After the commencement date, the Group reassesses the
lease term if there is a significant event or change in circumstances that affects the Group\u2019s ability to exercise or\u00a0not to exercise the
option to renew or to terminate.
Significant accounting estimates applied \u2013 Revenue recognition: breakage assumptions applied to passenger revenue, customer
loyalty programmes and unredeemed vouchers
At 31 December 2025 the Group recognised \u20ac8,739 million (2024: \u20ac8,536 million) in respect of deferred revenue of which \u20ac3,348
million (2024: \u20ac2,888 million) related to customer loyalty programmes.
Passenger revenue
Passenger revenue is recognised when the transportation service is provided. At the time of intended transportation, revenue is\u00a0also
recognised in respect of estimated unused tickets breakage and is estimated based on the terms and conditions of the tickets and
historical experience. The Group considers that there is no reasonably possible change to unused ticket assumptions that would have
a material impact on passenger revenue recorded in the year. A 2 percentage point increase in the level of\u00a0unused ticket breakage
of\u00a0the sales in advance of carriage balance (excluding vouchers) at 31 December 2025 would result in\u00a0an\u00a0adjustment to Deferred
revenue of \u20ac98 million (2024: \u20ac101 million), with an offsetting adjustment to increase revenue and operating profit recognised
in\u00a0the\u00a0year.
Customer loyalty schemes
Revenue associated with the issuance of Avios under customer loyalty programmes is based on the relative standalone selling prices
of the related performance obligations (brand, marketing and Avios), determined using estimation techniques. The transaction price
of brand and marketing services is determined using specific brand valuation methodologies. The transaction price of an Avios is
determined as the price of the rewards against which it can be redeemed and is reduced to take account of the proportion of Avios
that are not expected to be redeemed by customers.
The Group estimates the number of Avios not expected to be redeemed using statistical modelling based on historical experience
and expected future trends in customer behaviour. The Group considers historical redemption activity representative of long-term
behavioural trends. A five percentage point increase in the assumption of Avios not expected to\u00a0be\u00a0redeemed would result in an
adjustment to Deferred revenue of \u20ac103 million (2024: \u20ac99 million), with an offsetting adjustment to increase revenue and operating
profit recognised in the year.
Unredeemed vouchers liability
At 31 December 2025, the Group recognised \u20ac483 million in respect of unredeemed vouchers, including associated taxes
(2024: \u20ac587 million) within Deferred revenue. Of the \u20ac483 million, \u20ac10 million (2024: \u20ac100 million) relates to vouchers issued due
to\u00a0COVID-19 pandemic flight cancellations, referred to as \u2018disrupted flights\u2019, and \u20ac473 million (2024: \u20ac487 million) relates to non-
disrupted voucher issuance, such as certain flexible fare options, non-air partner companion vouchers and gift vouchers.
The jurisdiction in which a voucher is issued dictates the period over which a customer can redeem the voucher, which ranges up
to\u00a0six years from the point of issuance. This period of time is also influenced by whether the voucher was issued for disrupted flights
or non-disrupted issuance and whether statutory or commercial expiry policies prevail. The Group expects the majority of\u00a0the total
voucher liability to mature within 12 months of the balance sheet date.
Where a voucher has been issued to a customer in the event of a flight cancellation, the Group estimates, based on\u00a0historical
experience, the level of such vouchers not expected to be used prior to expiry and recognises revenue accordingly.
A five percentage point increase in the assumption of the number of vouchers outstanding at 31 December 2025 and not expected
to be redeemed prior to expiry would result in a reduction to Deferred revenue of \u20ac24 million (2024: \u20ac29 million), with\u00a0an offsetting
adjustment to increase Passenger revenue and Operating profit recognised in the year.
Significant accounting judgement applied \u2013 Restoration and handback provisions: determination of accounting policy for leased
aircraft
IFRS 16 does not address the accounting for maintenance, restoration and handback provisions that arise through the usage of\u00a0the
underlying asset and, accordingly, the Group has applied judgement in applying an accounting policy with regard to the recognition
and subsequent measurement of such provisions for leased aircraft. The Group\u2019s accounting policy for provisions that arise through
usage or through the passage of time is to recognise the associated estimated costs in the Income statement as the underlying asset
is used or through the passage of time. The approach applied by the Group is consistent with the majority of major airlines that
prepare their financial statements under IFRS. Were the Group to apply an alternative accounting policy, the financial impact would
be materially different at the balance sheet date. An alternative accounting policy that the Group could have applied was the
components approach, where the Group would capitalise the estimated costs of major maintenance events and depreciate them
until the subsequent maintenance event (or to the end of lease term) and providing over the lease term for any expected cash
compensation for maintenance obligations at the end of the lease. The Group considers that the current accounting policy for
maintenance, restoration and handback activities reflects the obligations under its lease arrangements.
Significant accounting estimate applied \u2013 Employee benefit obligations: Airways Pension Scheme (APS) and New Airways
Pension Scheme (NAPS) key actuarial assumptions
At 31 December 2025, the Group recognised \u20ac17,776 million in respect of employee benefit obligations (2024: \u20ac19,796 million),
of\u00a0which \u20ac17,318 million related to the APS and NAPS obligations (2024: \u20ac19,275 million).
The calculation of the APS and NAPS employee benefit obligations is determined using the valuation requirements of IAS 19.
These\u00a0valuations involve making assumptions about discount rates, mortality rates and future pension increases. Due to the long-
term nature of these schemes, such assumptions are subject to significant uncertainty. The Group determines the assumptions
to\u00a0be\u00a0adopted in discussion with qualified actuaries. Any difference between these assumptions and the actual outcome will impact
future net assets and total comprehensive income. The impact of sensitising these assumptions is given below.
The Group operates a variety of post-employment benefit arrangements, covering both defined contribution and defined benefit
schemes. The Group also has a scheme for flight crew who meet certain conditions and as a result have the option of being placed
on reserve and retaining their employment relationship until reaching the statutory retirement age, or taking early retirement
(see\u00a0note 27).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-729": { "value": "
Critical accounting estimates, assumptions and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect
the\u00a0application of policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimates
and\u00a0associated assumptions are based on historical experience and various other factors believed to be reasonable under the
circumstances. Actual results in the future may differ from judgements and estimates upon which financial information has
been\u00a0prepared. These underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised\u00a0prospectively.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets
and\u00a0liabilities within the next financial year are as follows:
\u2022 Revenue recognition (note 24): breakage assumptions applied to passenger revenue, customer loyalty programmes and
unredeemed vouchers;
\u2022 Restoration and handback provisions (note 27): key assumptions underlying the carrying value of the provisions; and
\u2022 Employee benefit obligations (note 34): Airways Pension Scheme (APS) and New Airways Pension Scheme (NAPS) key actuarial
assumptions.
The judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year are as follows:
\u2022 Income taxes (note 10): determining whether payments made to HMRC in relation to the IAG Loyalty VAT accounting are recoverable;
\u2022 Leases (note 14): determining the lease term of contracts with renewal and termination options; and
\u2022 Restoration and handback provisions (note 27): determination of accounting policy for leased aircraft.
Significant accounting judgement applied \u2013 Determining whether payments made to HMRC in relation to the IAG Loyalty VAT
accounting are recoverable
At 31 December 2025 the Group recognised, as a Non-current other asset, \u20ac507 million in respect of VAT it expects to recover
from\u00a0HMRC in the UK.
The Group applies judgement in the determination as to whether it considers the outcome of the judicial process between IAG
Loyalty and HMRC, with regard to the IAG Loyalty VAT accounting, is more probable than not to result in a favourable outcome
to\u00a0the Group, and accordingly whether to record the aforementioned payments as an asset.
In forming its judgement, the Group has reviewed the decision letter issued by HMRC and the correspondence with HMRC
on\u00a0this\u00a0matter, including having considered the historical tax ruling issued by HMRC to the Group on this matter.
The Directors are satisfied that it is probable that a favourable outcome will eventuate, and accordingly the Group continues
to\u00a0consider at 31 December 2025, and through to the date of this report, that the \u20ac507 million asset recognised as a result of the
payment to HMRC is recoverable.
Significant accounting judgement applied \u2013 Determining the lease term of contracts with renewal and termination options
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to
extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is
reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain whether or not to
exercise the option to renew or terminate the lease. Such judgement includes consideration of fleet plans, which underpin approved
business plans and historical experience regarding the extension of leases. After the commencement date, the Group reassesses the
lease term if there is a significant event or change in circumstances that affects the Group\u2019s ability to exercise or\u00a0not to exercise the
option to renew or to terminate.
Significant accounting estimates applied \u2013 Revenue recognition: breakage assumptions applied to passenger revenue, customer
loyalty programmes and unredeemed vouchers
At 31 December 2025 the Group recognised \u20ac8,739 million (2024: \u20ac8,536 million) in respect of deferred revenue of which \u20ac3,348
million (2024: \u20ac2,888 million) related to customer loyalty programmes.
Passenger revenue
Passenger revenue is recognised when the transportation service is provided. At the time of intended transportation, revenue is\u00a0also
recognised in respect of estimated unused tickets breakage and is estimated based on the terms and conditions of the tickets and
historical experience. The Group considers that there is no reasonably possible change to unused ticket assumptions that would have
a material impact on passenger revenue recorded in the year. A 2 percentage point increase in the level of\u00a0unused ticket breakage
of\u00a0the sales in advance of carriage balance (excluding vouchers) at 31 December 2025 would result in\u00a0an\u00a0adjustment to Deferred
revenue of \u20ac98 million (2024: \u20ac101 million), with an offsetting adjustment to increase revenue and operating profit recognised
in\u00a0the\u00a0year.
Customer loyalty schemes
Revenue associated with the issuance of Avios under customer loyalty programmes is based on the relative standalone selling prices
of the related performance obligations (brand, marketing and Avios), determined using estimation techniques. The transaction price
of brand and marketing services is determined using specific brand valuation methodologies. The transaction price of an Avios is
determined as the price of the rewards against which it can be redeemed and is reduced to take account of the proportion of Avios
that are not expected to be redeemed by customers.
The Group estimates the number of Avios not expected to be redeemed using statistical modelling based on historical experience
and expected future trends in customer behaviour. The Group considers historical redemption activity representative of long-term
behavioural trends. A five percentage point increase in the assumption of Avios not expected to\u00a0be\u00a0redeemed would result in an
adjustment to Deferred revenue of \u20ac103 million (2024: \u20ac99 million), with an offsetting adjustment to increase revenue and operating
profit recognised in the year.
Unredeemed vouchers liability
At 31 December 2025, the Group recognised \u20ac483 million in respect of unredeemed vouchers, including associated taxes
(2024: \u20ac587 million) within Deferred revenue. Of the \u20ac483 million, \u20ac10 million (2024: \u20ac100 million) relates to vouchers issued due
to\u00a0COVID-19 pandemic flight cancellations, referred to as \u2018disrupted flights\u2019, and \u20ac473 million (2024: \u20ac487 million) relates to non-
disrupted voucher issuance, such as certain flexible fare options, non-air partner companion vouchers and gift vouchers.
The jurisdiction in which a voucher is issued dictates the period over which a customer can redeem the voucher, which ranges up
to\u00a0six years from the point of issuance. This period of time is also influenced by whether the voucher was issued for disrupted flights
or non-disrupted issuance and whether statutory or commercial expiry policies prevail. The Group expects the majority of\u00a0the total
voucher liability to mature within 12 months of the balance sheet date.
Where a voucher has been issued to a customer in the event of a flight cancellation, the Group estimates, based on\u00a0historical
experience, the level of such vouchers not expected to be used prior to expiry and recognises revenue accordingly.
A five percentage point increase in the assumption of the number of vouchers outstanding at 31 December 2025 and not expected
to be redeemed prior to expiry would result in a reduction to Deferred revenue of \u20ac24 million (2024: \u20ac29 million), with\u00a0an offsetting
adjustment to increase Passenger revenue and Operating profit recognised in the year.
Significant accounting judgement applied \u2013 Restoration and handback provisions: determination of accounting policy for leased
aircraft
IFRS 16 does not address the accounting for maintenance, restoration and handback provisions that arise through the usage of\u00a0the
underlying asset and, accordingly, the Group has applied judgement in applying an accounting policy with regard to the recognition
and subsequent measurement of such provisions for leased aircraft. The Group\u2019s accounting policy for provisions that arise through
usage or through the passage of time is to recognise the associated estimated costs in the Income statement as the underlying asset
is used or through the passage of time. The approach applied by the Group is consistent with the majority of major airlines that
prepare their financial statements under IFRS. Were the Group to apply an alternative accounting policy, the financial impact would
be materially different at the balance sheet date. An alternative accounting policy that the Group could have applied was the
components approach, where the Group would capitalise the estimated costs of major maintenance events and depreciate them
until the subsequent maintenance event (or to the end of lease term) and providing over the lease term for any expected cash
compensation for maintenance obligations at the end of the lease. The Group considers that the current accounting policy for
maintenance, restoration and handback activities reflects the obligations under its lease arrangements.
Significant accounting estimate applied \u2013 Employee benefit obligations: Airways Pension Scheme (APS) and New Airways
Pension Scheme (NAPS) key actuarial assumptions
At 31 December 2025, the Group recognised \u20ac17,776 million in respect of employee benefit obligations (2024: \u20ac19,796 million),
of\u00a0which \u20ac17,318 million related to the APS and NAPS obligations (2024: \u20ac19,275 million).
The calculation of the APS and NAPS employee benefit obligations is determined using the valuation requirements of IAS 19.
These\u00a0valuations involve making assumptions about discount rates, mortality rates and future pension increases. Due to the long-
term nature of these schemes, such assumptions are subject to significant uncertainty. The Group determines the assumptions
to\u00a0be\u00a0adopted in discussion with qualified actuaries. Any difference between these assumptions and the actual outcome will impact
future net assets and total comprehensive income. The impact of sensitising these assumptions is given below.
The Group operates a variety of post-employment benefit arrangements, covering both defined contribution and defined benefit
schemes. The Group also has a scheme for flight crew who meet certain conditions and as a result have the option of being placed
on reserve and retaining their employment relationship until reaching the statutory retirement age, or taking early retirement
(see\u00a0note 27).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-731": { "value": "
3 Significant changes and transactions in the current reporting period
The financial performance and position of the Group was affected by the following significant events and transactions in the year
to\u00a031 December 2025:
\u2022 On 17 January 2025, the Group paid \u20ac305 million to redeem, at a net premium, \u20ac300 million of the notional value of the unsecured
\u20ac700 million fixed rate bonds 2029. On 12 September 2025, the Group paid a further \u20ac292 million to redeem, at a net premium,
\u20ac281 million of the notional value of the remaining \u20ac400 million at that time. On 29 September 2025, the Group paid a further
\u20ac119\u00a0million to redeem the remaining outstanding notional value of the bonds. In redeeming the bonds, the Group paid accrued
interest for the bonds of \u20ac16 million;
\u2022 On 17 January 2025, the Group paid \u20ac269 million to redeem, at a net discount, \u20ac277 million of the notional value of the unsecured
\u20ac500 million fixed rate bonds 2027. On 12 September 2025, the Group paid a further \u20ac89 million to redeem, at a net discount,
\u20ac90\u00a0million of the notional value of the remaining \u20ac223 million at that time. In redeeming the bonds, the Group paid accrued
interest for the bonds of \u20ac3 million;
\u2022 On 27 February 2025, the Board of Directors proposed a final dividend of \u20ac0.06 per share, amounting to \u20ac280 million, which was
approved at the Annual General Meeting on 19 June 2025;
\u2022 During March 2025, the Group exercised options for 12 Airbus A350 aircraft and six Boeing 777-9 aircraft. These orders are part
of\u00a0the Group\u2019s ongoing investment in new, modern aircraft to drive operational efficiency, reduce emissions, and enhance onboard
products for customers. The aircraft will be delivered between 2028 and 2030;
\u2022 On 25 March 2025, the Group redeemed upon maturity the senior unsecured \u20ac500 million fixed rate bonds;
\u2022 On 9 May 2025, the Group entered into agreements with Boeing to purchase 32 787-10 aircraft and with Airbus to purchase
21\u00a0A330-900neo aircraft. The aircraft will be delivered between 2028 and 2033 and will be used for the Group\u2019s medium-term
long-haul fleet requirements. The fleet order was subsequently approved by shareholders on 19 June 2025;
\u2022 On 11 September 2025, the Group issued \u20ac500 million of senior unsecured bonds due 2030 and bearing a fixed rate of interest
of\u00a03.352%;
\u2022 On 17 September 2025, the Group, as an investor, announced that the oneworld alliance and Breakthrough Energy Ventures had
launched an investment fund to advance and commercialise Sustainable Aviation Fuel (SAF) technologies. As part of the
arrangement, the Group committed to provide \u20ac21 million ($25 million) to the investment fund. At 31 December 2025, following
contributions made subsequent to the\u00a0aforementioned announcement, the remaining commitment was \u20ac17 million ($20 million);
\u2022 On 6 November 2025, the Board of Directors declared an interim dividend of \u20ac0.048 per share, amounting to \u20ac220 million,
which\u00a0was subsequently paid by 31 December 2025; and
\u2022 On 17 November 2025, British Airways, paid \u20ac349 million ($403 million) to early redeem Asset financed liabilities relating
to\u00a010\u00a0aircraft initially financed in 2020. In redeeming the Asset financed liabilities, British Airways recorded a loss of \u20ac13 million,
recorded within Finance costs in the Income statement, associated with the transaction costs incurred.
", "dimensions": { "concept": "iag:DisclosureOfSignificantChangesAndTransactionsInTheCurrentReportingPeriodTextBlock", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-732": { "value": "
4 Impact of climate change on financial reporting
Significant transactions and critical accounting estimates, assumptions and judgements in the determination of the impact
of\u00a0climate\u00a0change
As a result of climate change, the Group has designed and approved its Flightpath Net Zero climate strategy, which commits
the\u00a0Group to net zero emissions by 2050. While approved business plans currently have a duration of three years, the Flightpath N et
Zero climate strategy impacts the short-, medium- and long-term operations of the Group.
The details regarding the inputs and assumptions used in the determination of the Flightpath Net Zero climate strategy include,
but\u00a0are not limited to, the following that are within the control of the Group:
\u2022 The additional cost of the Group\u2019s commitment to increasing the use of Sustainable Aviation Fuel (SAF) to 10% by 2030
and\u00a0to\u00a070% by 2050;
\u2022 The cost of incurring an increase in the level of carbon offsetting and carbon capture schemes; and
\u2022 The impact of introducing more fuel-efficient aircraft and being able to operate these more efficiently.
In addition to these inputs and measures within the control of management, Flightpath Net Zero includes assumptions pertaining
to\u00a0consumers, governments and regulators regarding the following:
\u2022 The impact on passenger demand for air travel as a result of both passenger trends regarding climate change and government policies;
\u2022 Investment and policy regarding the development of SAF production facilities;
\u2022 Investment and improvements in air traffic management; and
\u2022 The price of carbon through the EU, Swiss and UK Emissions Trading Systems/Schemes (ETS) and the UN Carbon Offsetting
and\u00a0Reduction Scheme for International Aviation (CORSIA).
The level of uncertainty regarding the impact of these factors increases over time. Accordingly, the Group has applied critical
estimation and judgement in the evaluation of the impact of climate change on the recognition and measurement of assets and
liabilities within the financial statements.
Critical accounting estimates, assumptions and judgements \u2013 cash flow forecast estimation
With the Flightpath Net Zero climate strategy assessing the impact over a long-term horizon to 2050, the level of estimation
uncertainty in the determination of cash flow forecasts increases over time. For those assets and liabilities, where their recoverability
is dependent on long-term cash flows, the following critical accounting estimates, assumptions and judgements, to the extent they
can be reliably measured, have been applied:
a Long-term fleet plans and useful economic lives
The Group\u2019s Flightpath Net Zero climate strategy has been developed in conjunction with the long-term fleet plans of each
operating company. This includes the annual assessment of useful lives and the residual values of each aircraft type.
With the current aircraft fleet and the future committed delivery of 217 fuel-efficient aircraft as detailed in\u00a0note 15, the Group
considers the existing and future fleet assets align with the long-term fleet plans to achieve its Flightpath Net Zero climate strategy.
All aircraft in the fleet, and those due to be delivered in the future, have the capability to utilise SAF in their operations without
impediment. Accordingly, no impairment has arisen in the current or prior year, nor have the useful lives and residual values
of\u00a0aircraft been amended, as a result of the Group\u2019s decarbonisation plans.
b Impairment testing of the Group\u2019s cash-generating units
The Group applies discounted cash flow models for each cash-generating unit (CGU), derived from the cash flow forecasts from
the\u00a0approved three-year business plans. The Group\u2019s Flightpath Net Zero climate strategy is long-term in nature and includes
commitments that will occur at differing points over this time horizon. To the extent that certain of those commitments occur over
the short term, they have been incorporated into the three-year business plans.
The Group adjusts the final year (being the third year) of these probability-weighted cash flows to incorporate the impacts of
climate change from the Group\u2019s Flightpath Net Zero climate strategy that are expected to occur over the medium term, being to
2035 (2024: through to 2030). These adjustments are limited to those that: (i) the Group can reliably estimate at the balance sheet
date, with those costs subsequent to 2035 having such a high degree of uncertainty that they cannot be reliably estimated; (ii) only
relate to the Group\u2019s existing asset base in its current condition; and (iii) incorporate legislation and regulation that is expected to be
required to achieve the Group\u2019s Flightpath Net Zero climate strategy, and which is sufficiently progressed at the balance sheet date.
As a result, the Group\u2019s impairment modelling incorporates the following aspects of the Group\u2019s Flightpath Net Zero climate strategy
through to 2035, after which time the level of uncertainty regarding timing and costing becomes insufficiently reliable to estimate:
(i)\u00a0an increase in the level of SAF consumption in the overall fuel mix; (ii) forecast cost of carbon, including SAF, ETS allowances
and\u00a0CORSIA units (all derived from externally sourced or derived information); (iii) the removal of existing free ETS allowances
issued by EU member states, Switzerland and the UK; and (iv) assumptions regarding the ability of the Group to recover these
incremental costs through increased ticket pricing.
In preparing the impairment models, the Group cash flow projections are prepared on the basis of using the current fleet in
its\u00a0current condition. The Group excludes the estimated cash flows expected to arise from future restructuring unless already
committed and assets not currently in use by the Group. In addition, for the avoidance of doubt, the Group\u2019s impairment modelling
excludes the following aspects of the Group\u2019s Flightpath Net Zero climate strategy: (i) the expected transition to electric and
hydrogen aircraft, as well as future technological developments to jet engines and airframes; (ii) any savings from the transition
to\u00a0more fuel-efficient aircraft other than those either in the Group\u2019s fleet or committed orders due to be delivered over the business
plan period as replacement aircraft; (iii) the benefit of the development of carbon capture technologies and enhanced carbon
offsetting mechanisms; (iv) the required beneficial reforms to air traffic management regulation and legislation; (v) the consumption
of advanced SAF products that have not yet been proven to be technologically feasible; and (vi) the\u00a0required government incentives
and/or support across the supply chain.
As detailed in note 17, the Group applies a long-term growth rate to these adjusted probability weighted cash flows, per CGU, and
each of the long-term growth rates includes a specific adjustment to reduce the rate to reflect the Group\u2019s assumptions regarding
the\u00a0reduced demand and elasticity impact arising from climate change. These impacts are derived with reference to external market
data, industry publications and internal analysis.
Given the inherent uncertainty associated with the impact of climate change, the Group has applied additional sensitivities in note 17
to reflect a more adverse impact of climate change than currently expected. This has been captured through both the downward
sensitivities of the long-term growth rates, ASKs and operating margins, and the increased fuel price sensitivity.
c Valuation of employee benefit scheme assets
The Group\u2019s employee benefit schemes are principally represented by the British Airways APS and NAPS schemes in the UK. The
schemes are structured to make post-employment payments to members over the long term, with the trustees having established
both return-seeking assets and liability-matching assets that mature over the long term to align with the forecast benefit payments.
The assets of these schemes are invested predominantly in a diversified range of equities, bonds and property. The valuation
of\u00a0these assets ranges from those with quoted prices in active markets, where prices are readily and regularly available, through
to\u00a0those where the valuations are not based on observable market data, and which therefore often require complex valuation
models. The trustees of the schemes have integrated climate change considerations into their long-term decision-making and
reporting processes across all classes of assets, actively engaging with all fund and portfolio managers to ensure that where
unobservable inputs are required for valuation models, such valuation models incorporate long-term expectations regarding
the\u00a0impact of climate change.
d Recoverability of deferred tax assets
In determining the recoverable amounts of the Group\u2019s deferred tax assets, the Group applies future cash flow projections
for\u00a0a\u00a0period of up to 10 years derived from the approved three-year business plans. The Group applies a medium-term growth
rate\u00a0subsequent to the three-year business plans, specific to each operating company. In considering the impact of the Group\u2019s
Flightpath Net Zero climate strategy, management adjusts this medium-term growth rate, where applicable, to incorporate the
assumed impacts on both revenue and costs to the Group.
e Provision recognition
Under Flightpath Net Zero , the Group has committed to reducing its net emissions to zero by 2050, and accordingly t he Group has
considered whether such a commitment gives rise to a provision at the balance sheet date. In order to recognise a provision, an entity
must meet the following criteria: (i) the entity has a present obligation as result of a past event; (ii) it is probable that an economic
outflow of resources will be required to settle the obligation; and (iii) a reliable estimate can be made of the amount of the obligation.
While the Group considers there will be an economic outflow of resources to meet its Flightpath Net Zero commitment, these
commitments relate to the emissions arising in future reporting periods irrespective of when those commitments were announced.
Accordingly, the Group does not consider that the Flightpath Net Zero commitments give rise to a present obligation as a result
of\u00a0a\u00a0past event and no separate provisions have been recorded in relation to these commitments.
f The price of carbon
EU, Swiss and UK Emissions Trading Systems/Schemes
The EU, Swiss and the UK ETS were established to reduce greenhouse gas emissions cost effectively. Under these schemes the Group\u2019s
operating companies are required to buy emission allowances or are issued them under existing quotas. The Group is required to
surrender these allowances to the relevant authorities annually dependent on the level of CO2 equivalent emitted within a\u00a012-month
period. Over time, the level of available emission allowances decreases in order to reduce total emissions, which has the\u00a0effect
of\u00a0increasing the price of such allowances. The Group expects that the future price of such allowances will continue to increase
and\u00a0that the free allocation of emission allowances will cease. Given the relatively illiquid nature of the emission allowance market,
there is uncertainty as to the future pricing of such allowances.
Carbon Offsetting and Reduction Scheme for International Aviation
In October 2016 the International Civil Aviation Organization adopted CORSIA, which aims to offset growth-related CO2 emissions
in\u00a0international air traffic from 1 January 2021, with the pilot phase running through to 31 December 2023. The first phase of the
CORSIA implementation commenced on 1 January 2024 and will run through to 31 December 2026, after which the second phase
will run through to 31 December 2035, measured in three-year reporting periods. The first phase of CORSIA is voluntary,
and\u00a0currently 126 States have agreed to participate.
The first phase of CORSIA utilises total CO2 emissions from international civil aviation over a baseline of 85% of the 2019 level of
emissions (the Baseline Year) for all participating States. The offsetting requirements apply to CORSIA eligible flights, being all
international flights between participating States, with the following flights excluded: (i) domestic flights; (ii) international flights
between States where at least one State has not volunteered to participate in the first phase; and (iii) those flights subject to various
ETS arrangements, to avoid duplication of emission charges. In addition, for those flights utilising SAF, the CORSIA offsetting
requirement is reduced, but not eliminated, depending on the lifecycle carbon reductions of the SAF compared to conventional
fossil\u00a0jet kerosene.
The calculation and verification of the offsetting requirements in the first phase shall be determined by the sectoral approach
annually, with companies retiring their obligations in 2028 (although retirements can occur earlier subject to agreement with national
authorities). Under the sectoral approach, each of the Group\u2019s operating companies will be required to offset an amount of CO2
emissions equivalent to the emissions generated on CORSIA eligible flights, multiplied by the Sector\u2019s Growth Factor. The Sector\u2019s
Growth Factor is calculated based on total global aviation CO2 emissions arising on international air routes between all participating
States in a given year divided by the total sectoral CO2 emissions in the Baseline Year for the same routes.
Voluntary offset schemes
The Group utilises certain voluntary offset schemes to offset certain CO2 emissions. The Group purchases offset certificates arising
from a broad range of accredited projects. Periodically, the Group will retire these offset certificates from the registry.
Impact on financial reporting
As detailed in note 2, the Group accounts for the purchase of allowances as an increase in Carbon-related and other assets,
which\u00a0are measured at amortised cost. In addition, as the Group emits CO2 equivalent as part of its flight operations, a provision
is\u00a0recorded to settle the C arbon-related obligation. As the provision is recognised, a corresponding amount is recorded in the
Income statement within Fuel costs and emission charges. For emissions for which the Group has already purchased Carbon-related
assets, the provision is valued at the weighted cost of those allowances. Where the level of emissions exceeds the amounts of
allowances held, this deficit is measured at the market price of such allowances at the balance sheet date.
For the year to, and at 31 December 2025, the Group has recorded the following within the financial statements:
Carbon-related assets (presented as part of Carbon-related and other assets in note 20) include the following amounts:
2025
2024
\u20ac million
ETS assets
CORSIA
assets
Voluntary
offsets
Total
ETS assets
CORSIA
assets
Voluntary
offsets
Total
Balance at 1 January
598
\u2013
\u2013
598
577
\u2013
\u2013
577
Purchase of carbon assets
496
\u2013
\u2013
496
242
\u2013
\u2013
242
Extinguished/retired during
the year
(320)
\u2013
\u2013
(320)
(233)
\u2013
\u2013
(233)
Exchange differences
(18)
\u2013
\u2013
(18)
12
\u2013
\u2013
12
Balance at 31 December
756
\u2013
\u2013
756
598
\u2013
\u2013
598
Analysis:
Current
321
\u2013
\u2013
321
323
\u2013
\u2013
323
Non-current
435
\u2013
\u2013
435
275
\u2013
\u2013
275
756
\u2013
\u2013
756
598
\u2013
\u2013
598
Carbon-related obligations (presented as part of Provisions in note 27 ) include the following amounts:
2025
2024
\u20ac million
ETS
obligations
CORSIA
obligations
Voluntary
offsets
Total
ETS
obligations
CORSIA
obligations
Voluntary
offsets
Total
Balance at 1 January
307
9
\u2013
316
244
\u2013
3
247
Obligations recognised in
the Income statement1
328
61
\u2013
389
304
9
1
314
Release of unused amounts
in the Income statement1
(11)
\u2013
\u2013
(11)
(12)
\u2013
(1)
(13)
Extinguished/retired during
the year
(320)
\u2013
\u2013
(320)
(233)
\u2013
(3)
(236)
Exchange differences
(6)
\u2013
\u2013
(6)
4
\u2013
\u2013
4
Balance at 31 December
298
70
\u2013
368
307
9
\u2013
316
Analysis:
Current
298
\u2013
\u2013
298
307
\u2013
\u2013
307
Non-current
\u2013
70
\u2013
70
\u2013
9
\u2013
9
298
70
\u2013
368
307
9
\u2013
316
1 For the year to 31 December 2025, the total amount in the Income statement within Fuel costs and emission charges that related to emission
allowances was \u20ac378 million (2024: \u20ac301 million). Refer to note 6.
See note 35 for details of the amounts recognised in the Cash flow statement for the years to 31 December 2025 and 31 December 2024.
At 31 December 2025 and 31 December 2024, the Group had acquired and committed to acquire, at fixed prices, the following
percentages of its total emissions allowances forecast to be purchased over the three-year business plan periods:
Percentage of forecast emission allowances required
2025
2024
Within 12 months
100%
100%
1-2 years
82%
67%
2-3 years
36%
19%
", "dimensions": { "concept": "iag:DisclosureOfImpactOfClimateChangeOnFinancialReportingTextBlock", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-736": { "value": "
5 Segment information
a Business segments
The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments,
and has been identified as the IAG Management Committee (IAG MC).
The Group has a number of entities that are managed as individual operating companies, including airline, loyalty and platform
functions. Each operating company operates its network operations as a single business unit and the IAG MC assesses performance
based on measures including operating profit, and makes resource allocation decisions for the operating companies based on
profitability, primarily by reference to the passenger markets in which the companies operate. The objective in making resource
allocation decisions is to optimise consolidated financial results.
The Group has determined its operating segments based on the way that it treats its businesses and the manner in which resource
allocation decisions are made. British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty have been identified for financial reporting
purposes as reportable operating segments. LEVEL is also an operating segment but does not exceed the quantitative thresholds to
be reportable, and management has concluded that there are currently no other reasons why LEVEL should be separately disclosed.
There are varying levels of transactions between operating segments, which principally relate to the provision of maintenance
services from the Iberia operating segment to the other operating segments, the provision of flight services by the airlines to
the\u00a0IAG\u00a0Loyalty segment and the provision of loyalty and holiday services from IAG Loyalty to the airline operating segments.
The platform functions of the business primarily support the airline and loyalty operations. These activities are not considered
to\u00a0be\u00a0reportable operating segments as they either earn revenues incidental to the activities of the Group and resource allocation
decisions are made based on the passenger business, or are not reviewed regularly by the IAG MC and are included within
Other\u00a0Group companies.
For the year to 31 December 2025
2025
\u20ac million
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Other Group
companies1
Total
Revenue
Passenger revenue
15,639
6,070
3,234
2,426
1,181
419
28,969
Cargo revenue
913
267
\u2013
50
\u2013
8
1,238
Other revenue
127
1,350
29
29
1,471
\u2013
3,006
External revenue
16,679
7,687
3,263
2,505
2,652
427
33,213
Inter-segment revenue
507
398
1
24
389
553
1,872
Segment revenue
17,186
8,085
3,264
2,529
3,041
980
35,085
Employee costs
(3,679)
(1,486)
(460)
(551)
(120)
(290)
(6,586)
Fuel costs and emission charges
(3,986)
(1,476)
(856)
(628)
\u2013
(137)
(7,083)
Depreciation and amortisation charge
(1,455)
(545)
(308)
(201)
(33)
(86)
(2,628)
Operating profit/(loss)
2,597
1,313
393
282
548
(109)
5,024
Exceptional items
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Operating profit/(loss) before exceptional items
2,597
1,313
393
282
548
(109)
5,024
Net non-operating costs
(519)
Profit before tax
4,505
Total assets
25,654
10,254
3,494
2,667
4,775
(3,995)
42,849
Total liabilities
(18,337)
(8,939)
(3,447)
(2,122)
(4,458)
2,048
(35,255)
1 Includes eliminations on total assets of \u20ac17,269 million and total liabilities of \u20ac5,329 million.
For the year to 31 December 2024
2024
\u20ac million
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Other Group
companies1
Total
Revenue
Passenger revenue
15,426
5,807
3,240
2,291
1,099
411
28,274
Cargo revenue
921
250
\u2013
55
\u2013
8
1,234
Other revenue
110
1,034
19
16
1,413
\u2013
2,592
External revenue
16,457
7,091
3,259
2,362
2,512
419
32,100
Inter-segment revenue
530
451
2
14
350
485
1,832
Segment revenue
16,987
7,542
3,261
2,376
2,862
904
33,932
Employee costs
(3,386)
(1,618)
(427)
(508)
(104)
(313)
(6,356)
Fuel costs and emission charges
(4,328)
(1,611)
(895)
(638)
\u2013
(136)
(7,608)
Depreciation and amortisation charge
(1,338)
(476)
(279)
(169)
(23)
(79)
(2,364)
Operating profit/(loss)
2,422
867
400
205
495
(106)
4,283
Exceptional items2
\u2013
(160)
\u2013
\u2013
\u2013
\u2013
(160)
Operating profit/(loss) before exceptional items
2,422
1,027
400
205
495
(106)
4,443
Net non-operating costs
(720)
Profit before tax
3,563
Total assets
26,138
10,220
3,731
2,431
4,164
(2,880)
43,804
Total liabilities
(20,328)
(9,319)
(3,850)
(2,170)
(3,861)
1,900
(37,628)
1 Includes eliminations on total assets of \u20ac16,960 million and total liabilities of \u20ac5,676 million.
2 For details on exceptional items refer to the Alternative performance measures section.
b Other revenue
Year to 31 December
\u20ac million
2025
2024
Holiday and hotel services
1,010
990
Maintenance and overhaul services
1,045
820
Brand and marketing services
451
436
Ground-handling services
191
159
Other
309
187
3,006
2,592
c Geographical analysis
Revenue by area of original sale
Year to 31 December
\u20ac million
2025
2024
UK
11,793
11,291
Spain
6,370
5,562
USA
5,464
5,406
Rest of world
9,586
9,841
33,213
32,100
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-735": { "value": "
5 Segment information
a Business segments
The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments,
and has been identified as the IAG Management Committee (IAG MC).
The Group has a number of entities that are managed as individual operating companies, including airline, loyalty and platform
functions. Each operating company operates its network operations as a single business unit and the IAG MC assesses performance
based on measures including operating profit, and makes resource allocation decisions for the operating companies based on
profitability, primarily by reference to the passenger markets in which the companies operate. The objective in making resource
allocation decisions is to optimise consolidated financial results.
The Group has determined its operating segments based on the way that it treats its businesses and the manner in which resource
allocation decisions are made. British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty have been identified for financial reporting
purposes as reportable operating segments. LEVEL is also an operating segment but does not exceed the quantitative thresholds to
be reportable, and management has concluded that there are currently no other reasons why LEVEL should be separately disclosed.
There are varying levels of transactions between operating segments, which principally relate to the provision of maintenance
services from the Iberia operating segment to the other operating segments, the provision of flight services by the airlines to
the\u00a0IAG\u00a0Loyalty segment and the provision of loyalty and holiday services from IAG Loyalty to the airline operating segments.
The platform functions of the business primarily support the airline and loyalty operations. These activities are not considered
to\u00a0be\u00a0reportable operating segments as they either earn revenues incidental to the activities of the Group and resource allocation
decisions are made based on the passenger business, or are not reviewed regularly by the IAG MC and are included within
Other\u00a0Group companies.
For the year to 31 December 2025
2025
\u20ac million
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Other Group
companies1
Total
Revenue
Passenger revenue
15,639
6,070
3,234
2,426
1,181
419
28,969
Cargo revenue
913
267
\u2013
50
\u2013
8
1,238
Other revenue
127
1,350
29
29
1,471
\u2013
3,006
External revenue
16,679
7,687
3,263
2,505
2,652
427
33,213
Inter-segment revenue
507
398
1
24
389
553
1,872
Segment revenue
17,186
8,085
3,264
2,529
3,041
980
35,085
Employee costs
(3,679)
(1,486)
(460)
(551)
(120)
(290)
(6,586)
Fuel costs and emission charges
(3,986)
(1,476)
(856)
(628)
\u2013
(137)
(7,083)
Depreciation and amortisation charge
(1,455)
(545)
(308)
(201)
(33)
(86)
(2,628)
Operating profit/(loss)
2,597
1,313
393
282
548
(109)
5,024
Exceptional items
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Operating profit/(loss) before exceptional items
2,597
1,313
393
282
548
(109)
5,024
Net non-operating costs
(519)
Profit before tax
4,505
Total assets
25,654
10,254
3,494
2,667
4,775
(3,995)
42,849
Total liabilities
(18,337)
(8,939)
(3,447)
(2,122)
(4,458)
2,048
(35,255)
1 Includes eliminations on total assets of \u20ac17,269 million and total liabilities of \u20ac5,329 million.
For the year to 31 December 2024
2024
\u20ac million
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Other Group
companies1
Total
Revenue
Passenger revenue
15,426
5,807
3,240
2,291
1,099
411
28,274
Cargo revenue
921
250
\u2013
55
\u2013
8
1,234
Other revenue
110
1,034
19
16
1,413
\u2013
2,592
External revenue
16,457
7,091
3,259
2,362
2,512
419
32,100
Inter-segment revenue
530
451
2
14
350
485
1,832
Segment revenue
16,987
7,542
3,261
2,376
2,862
904
33,932
Employee costs
(3,386)
(1,618)
(427)
(508)
(104)
(313)
(6,356)
Fuel costs and emission charges
(4,328)
(1,611)
(895)
(638)
\u2013
(136)
(7,608)
Depreciation and amortisation charge
(1,338)
(476)
(279)
(169)
(23)
(79)
(2,364)
Operating profit/(loss)
2,422
867
400
205
495
(106)
4,283
Exceptional items2
\u2013
(160)
\u2013
\u2013
\u2013
\u2013
(160)
Operating profit/(loss) before exceptional items
2,422
1,027
400
205
495
(106)
4,443
Net non-operating costs
(720)
Profit before tax
3,563
Total assets
26,138
10,220
3,731
2,431
4,164
(2,880)
43,804
Total liabilities
(20,328)
(9,319)
(3,850)
(2,170)
(3,861)
1,900
(37,628)
1 Includes eliminations on total assets of \u20ac16,960 million and total liabilities of \u20ac5,676 million.
2 For details on exceptional items refer to the Alternative performance measures section.
b Other revenue
Year to 31 December
\u20ac million
2025
2024
Holiday and hotel services
1,010
990
Maintenance and overhaul services
1,045
820
Brand and marketing services
451
436
Ground-handling services
191
159
Other
309
187
3,006
2,592
c Geographical analysis
Revenue by area of original sale
Year to 31 December
\u20ac million
2025
2024
UK
11,793
11,291
Spain
6,370
5,562
USA
5,464
5,406
Rest of world
9,586
9,841
33,213
32,100
Assets by area
31 December 2025
\u20ac million
Property,
plant and
equipment
Intangible
assets
UK
13,932
1,889
Spain
5,911
1,249
USA
96
21
Rest of world
1,506
611
21,445
3,770
31 December 2024
\u20ac million
Property,
plant and
equipment
Intangible
assets
UK
14,021
1,807
Spain
5,617
1,210
USA
97
18
Rest of world
1,397
607
21,132
3,642
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-734": { "value": "
5 Segment information
a Business segments
The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments,
and has been identified as the IAG Management Committee (IAG MC).
The Group has a number of entities that are managed as individual operating companies, including airline, loyalty and platform
functions. Each operating company operates its network operations as a single business unit and the IAG MC assesses performance
based on measures including operating profit, and makes resource allocation decisions for the operating companies based on
profitability, primarily by reference to the passenger markets in which the companies operate. The objective in making resource
allocation decisions is to optimise consolidated financial results.
The Group has determined its operating segments based on the way that it treats its businesses and the manner in which resource
allocation decisions are made. British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty have been identified for financial reporting
purposes as reportable operating segments. LEVEL is also an operating segment but does not exceed the quantitative thresholds to
be reportable, and management has concluded that there are currently no other reasons why LEVEL should be separately disclosed.
There are varying levels of transactions between operating segments, which principally relate to the provision of maintenance
services from the Iberia operating segment to the other operating segments, the provision of flight services by the airlines to
the\u00a0IAG\u00a0Loyalty segment and the provision of loyalty and holiday services from IAG Loyalty to the airline operating segments.
The platform functions of the business primarily support the airline and loyalty operations. These activities are not considered
to\u00a0be\u00a0reportable operating segments as they either earn revenues incidental to the activities of the Group and resource allocation
decisions are made based on the passenger business, or are not reviewed regularly by the IAG MC and are included within
Other\u00a0Group companies.
For the year to 31 December 2025
2025
\u20ac million
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Other Group
companies1
Total
Revenue
Passenger revenue
15,639
6,070
3,234
2,426
1,181
419
28,969
Cargo revenue
913
267
\u2013
50
\u2013
8
1,238
Other revenue
127
1,350
29
29
1,471
\u2013
3,006
External revenue
16,679
7,687
3,263
2,505
2,652
427
33,213
Inter-segment revenue
507
398
1
24
389
553
1,872
Segment revenue
17,186
8,085
3,264
2,529
3,041
980
35,085
Employee costs
(3,679)
(1,486)
(460)
(551)
(120)
(290)
(6,586)
Fuel costs and emission charges
(3,986)
(1,476)
(856)
(628)
\u2013
(137)
(7,083)
Depreciation and amortisation charge
(1,455)
(545)
(308)
(201)
(33)
(86)
(2,628)
Operating profit/(loss)
2,597
1,313
393
282
548
(109)
5,024
Exceptional items
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Operating profit/(loss) before exceptional items
2,597
1,313
393
282
548
(109)
5,024
Net non-operating costs
(519)
Profit before tax
4,505
Total assets
25,654
10,254
3,494
2,667
4,775
(3,995)
42,849
Total liabilities
(18,337)
(8,939)
(3,447)
(2,122)
(4,458)
2,048
(35,255)
1 Includes eliminations on total assets of \u20ac17,269 million and total liabilities of \u20ac5,329 million.
For the year to 31 December 2024
2024
\u20ac million
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Other Group
companies1
Total
Revenue
Passenger revenue
15,426
5,807
3,240
2,291
1,099
411
28,274
Cargo revenue
921
250
\u2013
55
\u2013
8
1,234
Other revenue
110
1,034
19
16
1,413
\u2013
2,592
External revenue
16,457
7,091
3,259
2,362
2,512
419
32,100
Inter-segment revenue
530
451
2
14
350
485
1,832
Segment revenue
16,987
7,542
3,261
2,376
2,862
904
33,932
Employee costs
(3,386)
(1,618)
(427)
(508)
(104)
(313)
(6,356)
Fuel costs and emission charges
(4,328)
(1,611)
(895)
(638)
\u2013
(136)
(7,608)
Depreciation and amortisation charge
(1,338)
(476)
(279)
(169)
(23)
(79)
(2,364)
Operating profit/(loss)
2,422
867
400
205
495
(106)
4,283
Exceptional items2
\u2013
(160)
\u2013
\u2013
\u2013
\u2013
(160)
Operating profit/(loss) before exceptional items
2,422
1,027
400
205
495
(106)
4,443
Net non-operating costs
(720)
Profit before tax
3,563
Total assets
26,138
10,220
3,731
2,431
4,164
(2,880)
43,804
Total liabilities
(20,328)
(9,319)
(3,850)
(2,170)
(3,861)
1,900
(37,628)
1 Includes eliminations on total assets of \u20ac16,960 million and total liabilities of \u20ac5,676 million.
2 For details on exceptional items refer to the Alternative performance measures section.
b Other revenue
Year to 31 December
\u20ac million
2025
2024
Holiday and hotel services
1,010
990
Maintenance and overhaul services
1,045
820
Brand and marketing services
451
436
Ground-handling services
191
159
Other
309
187
3,006
2,592
c Geographical analysis
Revenue by area of original sale
Year to 31 December
\u20ac million
2025
2024
UK
11,793
11,291
Spain
6,370
5,562
USA
5,464
5,406
Rest of world
9,586
9,841
33,213
32,100
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-733": { "value": "
5 Segment information
a Business segments
The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments,
and has been identified as the IAG Management Committee (IAG MC).
The Group has a number of entities that are managed as individual operating companies, including airline, loyalty and platform
functions. Each operating company operates its network operations as a single business unit and the IAG MC assesses performance
based on measures including operating profit, and makes resource allocation decisions for the operating companies based on
profitability, primarily by reference to the passenger markets in which the companies operate. The objective in making resource
allocation decisions is to optimise consolidated financial results.
The Group has determined its operating segments based on the way that it treats its businesses and the manner in which resource
allocation decisions are made. British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty have been identified for financial reporting
purposes as reportable operating segments. LEVEL is also an operating segment but does not exceed the quantitative thresholds to
be reportable, and management has concluded that there are currently no other reasons why LEVEL should be separately disclosed.
There are varying levels of transactions between operating segments, which principally relate to the provision of maintenance
services from the Iberia operating segment to the other operating segments, the provision of flight services by the airlines to
the\u00a0IAG\u00a0Loyalty segment and the provision of loyalty and holiday services from IAG Loyalty to the airline operating segments.
The platform functions of the business primarily support the airline and loyalty operations. These activities are not considered
to\u00a0be\u00a0reportable operating segments as they either earn revenues incidental to the activities of the Group and resource allocation
decisions are made based on the passenger business, or are not reviewed regularly by the IAG MC and are included within
Other\u00a0Group companies.
For the year to 31 December 2025
2025
\u20ac million
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Other Group
companies1
Total
Revenue
Passenger revenue
15,639
6,070
3,234
2,426
1,181
419
28,969
Cargo revenue
913
267
\u2013
50
\u2013
8
1,238
Other revenue
127
1,350
29
29
1,471
\u2013
3,006
External revenue
16,679
7,687
3,263
2,505
2,652
427
33,213
Inter-segment revenue
507
398
1
24
389
553
1,872
Segment revenue
17,186
8,085
3,264
2,529
3,041
980
35,085
Employee costs
(3,679)
(1,486)
(460)
(551)
(120)
(290)
(6,586)
Fuel costs and emission charges
(3,986)
(1,476)
(856)
(628)
\u2013
(137)
(7,083)
Depreciation and amortisation charge
(1,455)
(545)
(308)
(201)
(33)
(86)
(2,628)
Operating profit/(loss)
2,597
1,313
393
282
548
(109)
5,024
Exceptional items
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Operating profit/(loss) before exceptional items
2,597
1,313
393
282
548
(109)
5,024
Net non-operating costs
(519)
Profit before tax
4,505
Total assets
25,654
10,254
3,494
2,667
4,775
(3,995)
42,849
Total liabilities
(18,337)
(8,939)
(3,447)
(2,122)
(4,458)
2,048
(35,255)
1 Includes eliminations on total assets of \u20ac17,269 million and total liabilities of \u20ac5,329 million.
For the year to 31 December 2024
2024
\u20ac million
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Other Group
companies1
Total
Revenue
Passenger revenue
15,426
5,807
3,240
2,291
1,099
411
28,274
Cargo revenue
921
250
\u2013
55
\u2013
8
1,234
Other revenue
110
1,034
19
16
1,413
\u2013
2,592
External revenue
16,457
7,091
3,259
2,362
2,512
419
32,100
Inter-segment revenue
530
451
2
14
350
485
1,832
Segment revenue
16,987
7,542
3,261
2,376
2,862
904
33,932
Employee costs
(3,386)
(1,618)
(427)
(508)
(104)
(313)
(6,356)
Fuel costs and emission charges
(4,328)
(1,611)
(895)
(638)
\u2013
(136)
(7,608)
Depreciation and amortisation charge
(1,338)
(476)
(279)
(169)
(23)
(79)
(2,364)
Operating profit/(loss)
2,422
867
400
205
495
(106)
4,283
Exceptional items2
\u2013
(160)
\u2013
\u2013
\u2013
\u2013
(160)
Operating profit/(loss) before exceptional items
2,422
1,027
400
205
495
(106)
4,443
Net non-operating costs
(720)
Profit before tax
3,563
Total assets
26,138
10,220
3,731
2,431
4,164
(2,880)
43,804
Total liabilities
(20,328)
(9,319)
(3,850)
(2,170)
(3,861)
1,900
(37,628)
1 Includes eliminations on total assets of \u20ac16,960 million and total liabilities of \u20ac5,676 million.
2 For details on exceptional items refer to the Alternative performance measures section.
b Other revenue
Year to 31 December
\u20ac million
2025
2024
Holiday and hotel services
1,010
990
Maintenance and overhaul services
1,045
820
Brand and marketing services
451
436
Ground-handling services
191
159
Other
309
187
3,006
2,592
c Geographical analysis
Revenue by area of original sale
Year to 31 December
\u20ac million
2025
2024
UK
11,793
11,291
Spain
6,370
5,562
USA
5,464
5,406
Rest of world
9,586
9,841
33,213
32,100
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-738": { "value": "
6 Operating expenses
a Expenses by nature
Operating result is arrived at after charging
Depreciation, amortisation and impairment of non-current assets:
\u20ac million
2025
2024
Depreciation charge on right-of-use assets
1,113
1,134
Depreciation charge on owned assets
1,173
972
Amortisation and impairment of intangible assets
316
239
Depreciation charge on other leasehold assets
26
19
2,628
2,364
Cost of inventories:
\u20ac million
2025
2024 1
Cost of inventories recognised as an expense
1,536
1,318
1,536
1,318
1 The 2024 figures include a restatement to increase Cost of inventories recognised as an expense in the Income statement by \u20ac106 million.
There is no change to any of the 2024 Income statement line items as a result of this restatement.
b Fuel costs and emission charges
\u20ac million
2025
2024
Fuel costs
6,525
7,116
Hedging losses
180
191
Emission charges
378
301
7,083
7,608
c Property, IT and other costs
\u20ac million
2025
2024
IT costs
536
478
Property costs
284
290
Insurance costs, professional fees and other costs
265
352
1,085
1,120
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-737": { "value": "
6 Operating expenses
a Expenses by nature
Operating result is arrived at after charging
Depreciation, amortisation and impairment of non-current assets:
\u20ac million
2025
2024
Depreciation charge on right-of-use assets
1,113
1,134
Depreciation charge on owned assets
1,173
972
Amortisation and impairment of intangible assets
316
239
Depreciation charge on other leasehold assets
26
19
2,628
2,364
Cost of inventories:
\u20ac million
2025
2024 1
Cost of inventories recognised as an expense
1,536
1,318
1,536
1,318
1 The 2024 figures include a restatement to increase Cost of inventories recognised as an expense in the Income statement by \u20ac106 million.
There is no change to any of the 2024 Income statement line items as a result of this restatement.
b Fuel costs and emission charges
\u20ac million
2025
2024
Fuel costs
6,525
7,116
Hedging losses
180
191
Emission charges
378
301
7,083
7,608
c Property, IT and other costs
\u20ac million
2025
2024
IT costs
536
478
Property costs
284
290
Insurance costs, professional fees and other costs
265
352
1,085
1,120
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-739": { "value": "
a Expenses by nature
Operating result is arrived at after charging
Depreciation, amortisation and impairment of non-current assets:
\u20ac million
2025
2024
Depreciation charge on right-of-use assets
1,113
1,134
Depreciation charge on owned assets
1,173
972
Amortisation and impairment of intangible assets
316
239
Depreciation charge on other leasehold assets
26
19
2,628
2,364
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-740": { "value": "
7 Auditor\u2019s remuneration
The fees for the years to 31 December 2025 and 31 December 2024, for audit and non-audit services provided by the external
auditor of the Group\u2019s consolidated financial statements and of certain individual financial statements of the consolidated
companies, KPMG Auditores S.L., and by companies belonging to KPMG\u2019s network, were as follows:
\u20ac\u2019000
2025
2024
Fees payable for the audit of the Group and individual accounts
6,990
6,979
Fees payable for other services:
Audit of the Group\u2019s subsidiaries pursuant to legislation
1,166
1,284
Other services pursuant to legislation
155
205
Other audit and assurance services
2,163
1,795
10,474
10,263
Fees payable to the Group\u2019s external auditor for the audit of the Group\u2019s pension scheme during the year total \u20ac 265 thousand
(2024: \u20ac268 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-741": { "value": "
8 Employee costs and numbers
\u20ac million
2025
2024
Wages and salaries
4,467
4,380
Social security costs
772
692
Costs related to pension scheme benefits
308
312
Share-based payment charge
58
72
Other employee costs 1
981
900
Total employee costs
6,586
6,356
1 Other employee costs include allowances and accommodation for crew.
The number of employees during the year and at 31 December was as follows:
2025
2024
31 December 2025
31 December 2024
Average
number of
employees
Number of
employees1
Percentage
of women
Average
number of
employees
Number of
employees1
Percentage
of women
In the air:
Cabin crew
25,304
25,225
70%
24,421
24,615
70%
Pilots
8,951
9,107
7%
8,516
8,742
7%
On the ground:
Airports
16,717
16,501
38%
16,725
16,396
38%
Corporate
16,978
16,906
48%
16,313
16,936
48%
Maintenance
7,680
7,809
9%
7,288
7,454
8%
Senior leaders
241
238
35%
235
235
36%
75,871
75,786
44%
73,498
74,378
44%
1 The number of employees is based on actual headcount at 31 December.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-742": { "value": "
9 Finance costs, income and other non-operating credits
a Finance costs
\u20ac million
2025
2024
Interest expense on:
Bank borrowings
(4)
(10)
Asset financed liabilities
(206)
(198)
Lease liabilities
(416)
(485)
Bonds
(36)
(62)
Provisions unwinding of discount
(150)
(130)
Other borrowings
(33)
(50)
Capitalised interest on progress payments
27
33
Other finance costs
(43)
(15)
(861)
(917)
b Finance income
\u20ac million
2025
2024
Interest on other interest-bearing deposits, cash and cash equivalents
274
404
Other finance income
5
\u2013
279
404
c Net change in fair value of financial instruments
\u20ac million
2025
2024
Net change in the fair value of convertible bonds
(201)
(237)
(201)
(237)
d Net financing credit relating to pensions
\u20ac million
2025
2024
Net financing credit relating to pensions
84
63
84
63
e Other non-operating (charges)/credits
\u20ac million
2025
2024
Gain on sale of investments
1
\u2013
Credit related to equity investments (note 19)
13
7
Share of profits in investments accounted for using the equity method (note 18)
3
\u2013
Realised (losses)/gains on derivatives not qualifying for hedge accounting
(27)
42
Unrealised (losses)/gains on derivatives not qualifying for hedge accounting
(128)
95
Net change in the fair value associated with fair value hedges (note 30)
1
\u2013
Air Europa Holdings termination settlement expense
\u2013
(50)
(137)
94
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-746": { "value": "
a Finance costs
\u20ac million
2025
2024
Interest expense on:
Bank borrowings
(4)
(10)
Asset financed liabilities
(206)
(198)
Lease liabilities
(416)
(485)
Bonds
(36)
(62)
Provisions unwinding of discount
(150)
(130)
Other borrowings
(33)
(50)
Capitalised interest on progress payments
27
33
Other finance costs
(43)
(15)
(861)
(917)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-745": { "value": "
a Finance costs
\u20ac million
2025
2024
Interest expense on:
Bank borrowings
(4)
(10)
Asset financed liabilities
(206)
(198)
Lease liabilities
(416)
(485)
Bonds
(36)
(62)
Provisions unwinding of discount
(150)
(130)
Other borrowings
(33)
(50)
Capitalised interest on progress payments
27
33
Other finance costs
(43)
(15)
(861)
(917)
b Finance income
\u20ac million
2025
2024
Interest on other interest-bearing deposits, cash and cash equivalents
274
404
Other finance income
5
\u2013
279
404
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-744": { "value": "
a Finance costs
\u20ac million
2025
2024
Interest expense on:
Bank borrowings
(4)
(10)
Asset financed liabilities
(206)
(198)
Lease liabilities
(416)
(485)
Bonds
(36)
(62)
Provisions unwinding of discount
(150)
(130)
Other borrowings
(33)
(50)
Capitalised interest on progress payments
27
33
Other finance costs
(43)
(15)
(861)
(917)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-743": { "value": "
a Finance costs
\u20ac million
2025
2024
Interest expense on:
Bank borrowings
(4)
(10)
Asset financed liabilities
(206)
(198)
Lease liabilities
(416)
(485)
Bonds
(36)
(62)
Provisions unwinding of discount
(150)
(130)
Other borrowings
(33)
(50)
Capitalised interest on progress payments
27
33
Other finance costs
(43)
(15)
(861)
(917)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-748": { "value": "
b Finance income
\u20ac million
2025
2024
Interest on other interest-bearing deposits, cash and cash equivalents
274
404
Other finance income
5
\u2013
279
404
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-747": { "value": "
b Finance income
\u20ac million
2025
2024
Interest on other interest-bearing deposits, cash and cash equivalents
274
404
Other finance income
5
\u2013
279
404
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-749": { "value": "
10 Tax
a Tax (charges)/credits
Tax (charges)/credits recognised in the Income statement, Other comprehensive income and directly in equity:
2025
2024
\u20ac million
Income
statement
Other
comprehensive
income
Recognised
directly in
equity
Total
Income
statement
Other
comprehensive
income
Recognised
directly in
equity
Total
Current tax
Movement in respect of
prior years
1
\u2013
\u2013
1
183
\u2013
\u2013
183
Movement in respect of
current year
(501)
14
4
(483)
(384)
7
\u2013
(377)
Total current tax
(500)
14
4
(482)
(201)
7
\u2013
(194)
Deferred tax
Movement in respect of
prior years
(6)
1
1
(4)
(33)
(2)
\u2013
(35)
Movement in respect of
current year
(657)
110
4
(543)
(597)
(70)
4
(663)
Rate change/rate
differences
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total deferred tax
(663)
111
5
(547)
(630)
(72)
4
(698)
Total tax
(1,163)
125
9
(1,029)
(831)
(65)
4
(892)
The current tax credit in Other comprehensive income relates to movements relating to employee benefit plans of \u20ac14 million
(2024:\u00a0 credit of \u20ac 7 million).
Tax recognised in equity of a \u20ac4 million credit (2024: \u20ac14 million charge) relates to cash flow hedges, in addition to a \u20ac5 million
credit\u00a0(2024: \u20ac18 million credit) relating to share-based schemes.
Within tax in Other comprehensive income is a tax credit of \u20ac139 million (2024: tax charge of \u20ac64 million) that may be reclassified
to\u00a0the Income statement and a tax charge of \u20ac14 million (2024: tax charge of \u20ac1 million) that will not.
b Current tax asset
\u20ac million
2025
2024
Balance at 1 January
220
157
Income statement
(500)
(201)
Other comprehensive income
14
7
Recognised directly in equity
4
\u2013
Cash
488
245
Exchange and other movements
(12)
12
Balance at 31 December
214
220
Current tax asset
242
231
Current tax liability
(28)
(11)
Balance at 31 December
214
220
c Deferred tax (liability)/asset
\u20ac million
Fixed
assets
Right-
of-use
assets
Lease
liabilities
Employee
leaving
indemnities
and others
Employee
benefit
plans
Fair value
gains/
losses 1
Share-
based
payment
schemes
Tax loss
carried
forward
and tax
credits
Other
temporary
differences2
Total
Balance at 1 January 2025
(1,389)
113
8
279
34
45
56
1,335
19
500
Income statement
(351)
(85)
\u2013
6
(1)
\u2013
(15)
(314)
97
(663)
Other comprehensive income
\u2013
\u2013
\u2013
3
(11)
139
\u2013
(21)
1
111
Recognised directly in equity
\u2013
\u2013
\u2013
\u2013
\u2013
4
1
\u2013
\u2013
5
Exchange movements and other
82
\u2013
\u2013
\u2013
(1)
(18)
(2)
(31)
(9)
21
Balance at 31 December 2025
(1,658)
28
8
288
21
170
40
969
108
(26)
Balance at 1 January 2024
(1,013)
24
7
214
45
121
26
1,721
53
1,198
Income statement
(395)
91
1
41
(3)
\u2013
11
(326)
(50)
(630)
Other comprehensive income
\u2013
\u2013
\u2013
23
(12)
(64)
\u2013
(20)
1
(72)
Recognised directly in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(14)
18
\u2013
\u2013
4
Exchange movements and other
19
(2)
\u2013
1
4
2
1
(40)
15
\u2013
Balance at 31 December 2024
(1,389)
113
8
279
34
45
56
1,335
19
500
1 Fair value gains/losses include both the Cash flow hedge reserve and the Cost of hedging reserve, of which the movement in relation to Other
comprehensive income recognised in the Cash flow hedge reserve for 2025 was \u20ac151 million (2024 : \u20ac40 million, see note 30d).
2 Other temporary differences include a deferred tax asset in relation to corporate interest of \u20ac64 million (2024: \u20ac36 million). There were no deferred
tax liabilities in relation to unremitted earnings (2024: \u20ac5 million).
\u20ac million
2025
2024
Deferred tax asset
675
754
Deferred tax liability
(701)
(254)
Balance at 31 December
(26)
500
The deferred tax assets mainly arise in Spain and the UK and are expected to reverse in full beyond one year. Recognition
of\u00a0the\u00a0deferred tax assets is supported by the expected reversal of deferred tax liabilities in corresponding periods and projections
of operating performance laid out in the Board-approved business plans and longer term forecasts, where necessary, prepared
by\u00a0management.
d Reconciliation of the total tax charge in the Income statement
The tax (charge)/credit is calculated at the domestic tax rates applicable to pro\ufb01ts/(losses) in the country in which the profits/
(losses) arise. The differences between the expected tax charge ( 2024: charge) and the actual tax charge (2024: charge) on the
profit for the year to 31 December 2025 (2024: profit) are explained below:
\u20ac million
2025
2024
Profit before tax
4,505
3,563
Weighted average tax charge of the Group 1
(1,092)
(873)
Unrecognised losses and deductible temporary differences arising in the year
(20)
(47)
Fair value movement on convertible bonds
3
11
Share of associates\u2019 profits and losses2
17
(3)
Prior year tax assets recognised
19
10
Effect of lower tax rate in the Canary Islands
13
8
Intragroup dividends
(59)
(26)
Movement in respect of prior years
(4)
15
Revocation of Royal Decree-Law 3/2016 in Spain
\u2013
135
Changes in accounting standards/tax legislation
\u2013
(35)
Employee benefit plans accounted for net of withholding tax
17
13
Non-deductible expenses
(51)
(26)
Other items2
(6)
(13)
Tax charge in the Income statement
(1,163)
(831)
1 The expected tax charge is calculated by aggregating the expected tax charges arising in each company in the Group and changes each year as tax
rates and profit mix change. The 2025 corporate tax rates for the Group\u2019s main countries of operation are Spain 25% (2024 : 25%), the UK 25%
(2024:\u00a025%) and Ireland 12.5% (2024: 12.5%).
2 The 2024 reconciliation of the total tax charge has been re-presented to conform with the current year, where the Share of associates\u2019 profits and
losses has been disaggregated from Other items. There is no net change in the overall tax charge for 2024.
e Payroll-related taxes and UK Air Passenger Duty
The Group was also subject to other taxes paid during the year which are as follows:
\u20ac million
2025
2024
Payroll-related taxes
749
698
UK Air Passenger Duty
1,099
1,084
1,848
1,782
f Factors that may affect future tax charges
Unrecognised deductible temporary differences and losses
\u20ac million
2025
2024
Income tax losses
Spanish corporate income tax losses
273
253
OpenSkies SASU trading losses
405
405
Other trading losses
10
7
688
665
Other losses and temporary differences
Spanish deductible temporary differences1
313
361
UK capital losses
337
357
Irish capital losses
17
17
667
735
1 Included in Spanish deductible temporary differences is an amount of \u20ac111 million ( 2024: \u20ac93 million) that originated as a tax loss and, in accordance
with the Nineteenth Amendment of Law 27/2014, can be deducted in 10 equal annual instalments.
None of the unrecognised temporary differences have an expiry date.
Unrecognised temporary differences \u2013 investment in subsidiaries and associates
There are temporary differences of \u20ac3,665 million (2024: \u20ac1,495 million) associated with investments in subsidiaries and associates
for\u00a0which deferred tax liabilities have not been recognised.
Pillar Two minimum effective tax rate reform
In 2021, the Organisation for Economic Co-operation and Development (OECD) released the Two Pillar solution to address the tax
challenges arising from the digitalisation of the economy. This reform to the international tax system addresses the geographical
allocation of profits for the purposes of taxation and is designed to ensure that multinational enterprises are subject to a minimum
15% effective tax rate.
The predominant jurisdiction in which the Group operates with an effective tax rate of less than 15% is Ireland through Aer Lingus.
In\u00a02025, Aer Lingus recorded a current tax expense of \u20ac42 million (2024: \u20ac24 million) relating to its Irish operations, which included
a Domestic Top-up Tax of \u20ac4 million (2024: \u20ac2 million).
Engagement with tax authorities
The Group is subject to audit and enquiry by tax authorities in the territories in which it operates and engages with those tax
authorities in a cooperative manner.
g Tax-related contingent liabilities
Significant accounting judgement applied \u2013 Determining whether payments made to HMRC in relation to the IAG Loyalty VAT
accounting are recoverable
At 31 December 2025 the Group recognised, as a Non-current other asset, \u20ac507 million in respect of VAT it expects to recover
from\u00a0HMRC in the UK.
The Group applies judgement in the determination as to whether it considers the outcome of the judicial process between IAG
Loyalty and HMRC, with regard to the IAG Loyalty VAT accounting, is more probable than not to result in a favourable outcome
to\u00a0the Group, and accordingly whether to record the aforementioned payments as an asset.
In forming its judgement, the Group has reviewed the decision letter issued by HMRC and the correspondence with HMRC
on\u00a0this\u00a0matter, including having considered the historical tax ruling issued by HMRC to the Group on this matter.
The Directors are satisfied that it is probable that a favourable outcome will eventuate, and accordingly the Group continues
to\u00a0consider at 31 December 2025, and through to the date of this report, that the \u20ac507 million asset recognised as a result of the
payment to HMRC is recoverable.
The Group has certain contingent liabilities that could be reliably estimated, across all taxes, but excluding the IAG Loyalty VAT
matter detailed below, at 31 December 2025 amounting to \u20ac 134 million (31 December 2024: \u20ac128 million). While the Group does not
consider it more likely than not that there will be material losses on these matters, given the inherent uncertainty associated with
tax\u00a0litigation and tax audits, there can be no guarantee that material losses will not eventuate. As the Group considers that its
chances of\u00a0success in each of these matters is more probable than not, it is not appropriate to make a provision for these amounts.
Included\u00a0in the tax-related contingent liabilities are the following:
Merger gain
Following tax audits covering the period 2011 to 2014, the Spanish t ax authorities issued a corporate income tax assessment to
the\u00a0Company regarding the merger in 2011 between British Airways and Iberia (\u2018the Merger\u2019). The maximum exposure in this case
is\u00a0\u20ac 107\u00a0million ( 31 December 2024: \u20ac104 million), being the amount in the tax assessment with an estimate of the interest accrued
on\u00a0that assessment through to 31 December 2025.
The Company appealed the assessment to the Tribunal Econ\u00f3mico-Administrativo Central (TEAC) (Central Administrative
Tax\u00a0Tribunal). On 23 October 2019, the TEAC ruled in favour of the Spanish t ax authorities. The Company subsequently appealed
this ruling to the Audiencia Nacional (National High Court) on 20 December 2019, and, on 24 July 2020, filed submissions in support
of\u00a0its case. To assist it in its deliberations as to whether a gain arose from the Merger, on 15 September 2023 the Audiencia Nacional
commissioned an independent accounting expert to provide a report on the appropriate basis of accounting. As at 31 December
2025 and through to the date of these financial statements, the Audiencia Nacional has not ruled on whether a gain arose from the
Merger. The Company does not expect a judgment at the Audiencia Nacional on this case until the first half of 2026 at the earliest.
The Company disputes the technical merits of the assessment and ruling of the TEAC. Based on legal advice and an external
accounting expert\u2019s opinion, the Company believes that it has strong arguments to support its appeal. The Company does not
consider it appropriate to make a provision for these amounts and, accordingly, has classified this matter as a contingent liability.
Should the Company be unsuccessful in its appeal to the Audiencia Nacional, it would reassess its position and the associated
accounting treatment accordingly.
Within the context of the aforementioned tax audits, the Spanish tax authorities concluded on the value of Iberia\u2019s business within
the\u00a0Merger. This valuation was contested by the Company in a separate case, where no tax liability is due. The Company believes there
are technical merits for a higher value, something that would indirectly reduce the quantum of the Merger gain assessed in the\u00a0dispute
described above. On 18 January 2024, the Audiencia Nacional served notice on its judgment issued on 13 December 2023, whereby
it\u00a0ruled in favour of the Spanish tax authorities in respect of the valuation of Iberia\u2019s business within the Merger. On\u00a028\u00a0February 2024,
the Company submitted a request for an appeal of the judgment to the Supreme Court in Spain, which was duly accepted and the
resultant appeal was filed on 8 October 2025. There is no specific timeframe for the Supreme Court to issue its judgment.
IAG Loyalty VAT
Background to the matter
As reported in the 2024 Annual Report and Accounts, His Majesty\u2019s Revenue and Customs (HMRC) in the UK had been considering:
(i) the appropriate VAT accounting to be applied by Avios Group (AGL) Limited, a controlled undertaking of the Group trading
as\u00a0IAG Loyalty; and (ii) the validity of a historical ruling (\u2018the Ruling\u2019) issued by HMRC to the Group.
On 29 October 2024, HMRC issued the Group its decision letter with its view of the appropriate VAT accounting to be applied
by\u00a0IAG Loyalty. HMRC\u2019s decision letter asserted that the charges made by IAG Loyalty are for developing, administering and
maintaining a loyalty scheme with the result that VAT arises at 20% on the issuance of Avios irrespective of the redemption product.
By implication, HMRC\u2019s decision letter confirmed its view that IAG Loyalty was not entitled to rely on the Ruling during the relevant
assessed periods. The decision letter differs to the VAT accounting approach applied by IAG Loyalty, which was based on both
the\u00a0Ruling issued by HMRC and existing case law precedent. Historically, IAG Loyalty has accounted for VAT depending on the
nature of the redemption products for which Avios are redeemed, the vast majority of which are flights which are zero-rated.
The Group, having reviewed HMRC\u2019s decision letter with its legal and tax advisers, strongly disagrees with HMRC\u2019s view. The Group
considers that not accounting for VAT on the issuance of Avios, but for VAT to be accounted for depending on the nature of the
redemption products for which Avios are redeemed, remains appropriate. Accordingly, on 14 February 2025, the Group appealed the
case to the First-tier Tribunal (Tax) in the UK with a hearing scheduled for the fourth quarter of 2026 and a decision of the First-tier
Tribunal (Tax) expected during 2027.
In addition, the Group, having reviewed its position with its legal and tax advisers, considers that it has a legitimate expectation
that\u00a0it should have been able to rely upon the Ruling. Accordingly, during 2025, the Group applied to the High Court in the UK for
a\u00a0judicial review of whether IAG Loyalty had a legitimate expectation that it could rely upon the Ruling and whether HMRC acted
lawfully in asserting that the Ruling was defunct with retrospective effect. The application also sought to stay the hearing pending
the outcome of the appeal to the First-tier Tribunal (Tax). On 6 January 2026 the High Court in the UK approved the application
to\u00a0stay the hearing until after the conclusion of the First-tier Tribunal (Tax) proceedings and any subsequent appeals.
Accounting for the matter
In January 2019, the IFRS Interpretations Committee (IFRIC) issued an agenda decision, which states that deposits made to tax
authorities for taxes, other than income tax, for which the entity and the tax authorities are in dispute and in respect of which the
entity considers it more likely than not that the matter will be resolved in its favour, should be recorded as an asset. The Group,
having reviewed HMRC\u2019s decision with its legal and tax advisers, considers it more likely than not that a favourable outcome from
the judicial process will eventuate. Accordingly, payments made to HMRC relating to this dispute for periods prior to its decision
letter on 29 October 2024 are classified as an asset on the Balance sheet.
For payments made to HMRC for periods subsequent to its decision letter on 29 October 2024, the IFRIC agenda decision does
not\u00a0apply, and while the Group considers it more likely than not that the matter will be resolved in its favour, it is not possible
to\u00a0assert that such payments are virtually certain of being refundable to the Group and accordingly no asset on the Balance sheet
is\u00a0recognised.
Impact on the financial statements
The table below reflects the payments made to and the refund from HMRC during 2025 relating to periods prior to it issuing
its\u00a0decision letter on 29 October 2024, for which an Other non-current asset has been recorded in the Balance sheet:
Million
\u20ac
\u00a3
Balance at 1 January 20251
88
73
Cash payments to HMRC for periods immediately prior to its decision, paid in 20252
39
33
Cash payment to HMRC for remaining historical periods prior to its decision letter3
668
557
Cash refunds from HMRC 4
(265)
(220)
Exchange movements
(23)
\u2013
Balance at 31 December 20255,6
507
443
1 During the course of 2024 and prior to HMRC issuing its decision letter, in order to avoid incurring potential interest and penalties, the Group
commenced accounting and paying to HMRC, without admission of liability, VAT on the issuance of Avios. This has resulted in payments, that the
Group does not consider it can recover from its partners, totalling \u20ac88 million (\u00a373 million) having been made in 2024.
2 During 2025, the Group paid \u20ac39 million (\u00a333 million) of VAT for the months immediately prior to HMRC\u2019s decision letter, which formed part of VAT
returns paid during 2025.
3 On 14 February 2025, the Group appealed this matter to the First-tier Tribunal (Tax) in the UK. To advance the case to the First-tier Tribunal (Tax),
without admission of liability, the Group paid to HMRC \u20ac668 million (\u00a3557 million).
4 During 2025, certain of the Group\u2019s subsidiaries recovered \u20ac265 million (\u00a3220 million) as input VAT.
5 While at 31 December 2025 no amounts relating to interest have been paid, in the event of an ultimate adverse judgment against the Group,
the\u00a0Group has estimated interest on these assessments to 31 December 2025 to total \u20ac121 million (\u00a3106 million). The Group considers it appropriate
not to record any provision for these amounts but to disclose them as a contingent liability.
6 In the event of an adverse outcome for the Group upon completion of the judicial process, the \u20ac507 million asset would be recoverable through
the\u00a0settlement of any VAT liability arising from that outcome. The recognition of any VAT liability arising from the judicial process would result
in\u00a0a\u00a0charge to the Income statement. The Group considers it appropriate not to record any provision for these amounts but to disclose them as
a\u00a0contingent liability.
Payments made to HMRC in relation to periods prior to its decision, after deducting refunds and excluding any interest arising,
amounting to \u20ac507 million (\u00a3443 million) have been recorded as an Other non-current asset in the Balance sheet.
Subsequent to HMRC issuing its decision and through to 31 December 2025, the Group has made payments to HMRC of \u20ac89 million
(\u00a378 million), excluding those amounts the Group\u2019s other subsidiaries, principally British Airways, expect to recover as input VAT.
While the Group considers it more likely than not that the matter will be resolved in its favour, it is not possible to assert that such
payments are virtually certain of being refundable to the Group and accordingly no asset on the Balance sheet is recognised at
31 December 2025, but such amounts are disclosed as a contingent asset. In addition, as a result of the aforementioned accounting,
a proportion of the ongoing payments made to HMRC reduce the amounts that would have previously been recognised within
Deferred revenue in the Balance sheet upon issuance of the Avios and subsequently within both Passenger revenue and Other
revenue in the Income statement when the Avios are", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-750": { "value": "
b Current tax asset
\u20ac million
2025
2024
Balance at 1 January
220
157
Income statement
(500)
(201)
Other comprehensive income
14
7
Recognised directly in equity
4
\u2013
Cash
488
245
Exchange and other movements
(12)
12
Balance at 31 December
214
220
Current tax asset
242
231
Current tax liability
(28)
(11)
Balance at 31 December
214
220
c Deferred tax (liability)/asset
\u20ac million
Fixed
assets
Right-
of-use
assets
Lease
liabilities
Employee
leaving
indemnities
and others
Employee
benefit
plans
Fair value
gains/
losses 1
Share-
based
payment
schemes
Tax loss
carried
forward
and tax
credits
Other
temporary
differences2
Total
Balance at 1 January 2025
(1,389)
113
8
279
34
45
56
1,335
19
500
Income statement
(351)
(85)
\u2013
6
(1)
\u2013
(15)
(314)
97
(663)
Other comprehensive income
\u2013
\u2013
\u2013
3
(11)
139
\u2013
(21)
1
111
Recognised directly in equity
\u2013
\u2013
\u2013
\u2013
\u2013
4
1
\u2013
\u2013
5
Exchange movements and other
82
\u2013
\u2013
\u2013
(1)
(18)
(2)
(31)
(9)
21
Balance at 31 December 2025
(1,658)
28
8
288
21
170
40
969
108
(26)
Balance at 1 January 2024
(1,013)
24
7
214
45
121
26
1,721
53
1,198
Income statement
(395)
91
1
41
(3)
\u2013
11
(326)
(50)
(630)
Other comprehensive income
\u2013
\u2013
\u2013
23
(12)
(64)
\u2013
(20)
1
(72)
Recognised directly in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(14)
18
\u2013
\u2013
4
Exchange movements and other
19
(2)
\u2013
1
4
2
1
(40)
15
\u2013
Balance at 31 December 2024
(1,389)
113
8
279
34
45
56
1,335
19
500
1 Fair value gains/losses include both the Cash flow hedge reserve and the Cost of hedging reserve, of which the movement in relation to Other
comprehensive income recognised in the Cash flow hedge reserve for 2025 was \u20ac151 million (2024 : \u20ac40 million, see note 30d).
2 Other temporary differences include a deferred tax asset in relation to corporate interest of \u20ac64 million (2024: \u20ac36 million). There were no deferred
tax liabilities in relation to unremitted earnings (2024: \u20ac5 million).
\u20ac million
2025
2024
Deferred tax asset
675
754
Deferred tax liability
(701)
(254)
Balance at 31 December
(26)
500
The deferred tax assets mainly arise in Spain and the UK and are expected to reverse in full beyond one year. Recognition
of\u00a0the\u00a0deferred tax assets is supported by the expected reversal of deferred tax liabilities in corresponding periods and projections
of operating performance laid out in the Board-approved business plans and longer term forecasts, where necessary, prepared
by\u00a0management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-751": { "value": "
c Deferred tax (liability)/asset
\u20ac million
Fixed
assets
Right-
of-use
assets
Lease
liabilities
Employee
leaving
indemnities
and others
Employee
benefit
plans
Fair value
gains/
losses 1
Share-
based
payment
schemes
Tax loss
carried
forward
and tax
credits
Other
temporary
differences2
Total
Balance at 1 January 2025
(1,389)
113
8
279
34
45
56
1,335
19
500
Income statement
(351)
(85)
\u2013
6
(1)
\u2013
(15)
(314)
97
(663)
Other comprehensive income
\u2013
\u2013
\u2013
3
(11)
139
\u2013
(21)
1
111
Recognised directly in equity
\u2013
\u2013
\u2013
\u2013
\u2013
4
1
\u2013
\u2013
5
Exchange movements and other
82
\u2013
\u2013
\u2013
(1)
(18)
(2)
(31)
(9)
21
Balance at 31 December 2025
(1,658)
28
8
288
21
170
40
969
108
(26)
Balance at 1 January 2024
(1,013)
24
7
214
45
121
26
1,721
53
1,198
Income statement
(395)
91
1
41
(3)
\u2013
11
(326)
(50)
(630)
Other comprehensive income
\u2013
\u2013
\u2013
23
(12)
(64)
\u2013
(20)
1
(72)
Recognised directly in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(14)
18
\u2013
\u2013
4
Exchange movements and other
19
(2)
\u2013
1
4
2
1
(40)
15
\u2013
Balance at 31 December 2024
(1,389)
113
8
279
34
45
56
1,335
19
500
1 Fair value gains/losses include both the Cash flow hedge reserve and the Cost of hedging reserve, of which the movement in relation to Other
comprehensive income recognised in the Cash flow hedge reserve for 2025 was \u20ac151 million (2024 : \u20ac40 million, see note 30d).
2 Other temporary differences include a deferred tax asset in relation to corporate interest of \u20ac64 million (2024: \u20ac36 million). There were no deferred
tax liabilities in relation to unremitted earnings (2024: \u20ac5 million).
\u20ac million
2025
2024
Deferred tax asset
675
754
Deferred tax liability
(701)
(254)
Balance at 31 December
(26)
500
The deferred tax assets mainly arise in Spain and the UK and are expected to reverse in full beyond one year. Recognition
of\u00a0the\u00a0deferred tax assets is supported by the expected reversal of deferred tax liabilities in corresponding periods and projections
of operating performance laid out in the Board-approved business plans and longer term forecasts, where necessary, prepared
by\u00a0management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-754": { "value": "
g Tax-related contingent liabilities
The Group has certain contingent liabilities that could be reliably estimated, across all taxes, but excluding the IAG Loyalty VAT
matter detailed below, at 31 December 2025 amounting to \u20ac 134 million (31 December 2024: \u20ac128 million). While the Group does not
consider it more likely than not that there will be material losses on these matters, given the inherent uncertainty associated with
tax\u00a0litigation and tax audits, there can be no guarantee that material losses will not eventuate. As the Group considers that its
chances of\u00a0success in each of these matters is more probable than not, it is not appropriate to make a provision for these amounts.
Included\u00a0in the tax-related contingent liabilities are the following:
Merger gain
Following tax audits covering the period 2011 to 2014, the Spanish t ax authorities issued a corporate income tax assessment to
the\u00a0Company regarding the merger in 2011 between British Airways and Iberia (\u2018the Merger\u2019). The maximum exposure in this case
is\u00a0\u20ac 107\u00a0million ( 31 December 2024: \u20ac104 million), being the amount in the tax assessment with an estimate of the interest accrued
on\u00a0that assessment through to 31 December 2025.
The Company appealed the assessment to the Tribunal Econ\u00f3mico-Administrativo Central (TEAC) (Central Administrative
Tax\u00a0Tribunal). On 23 October 2019, the TEAC ruled in favour of the Spanish t ax authorities. The Company subsequently appealed
this ruling to the Audiencia Nacional (National High Court) on 20 December 2019, and, on 24 July 2020, filed submissions in support
of\u00a0its case. To assist it in its deliberations as to whether a gain arose from the Merger, on 15 September 2023 the Audiencia Nacional
commissioned an independent accounting expert to provide a report on the appropriate basis of accounting. As at 31 December
2025 and through to the date of these financial statements, the Audiencia Nacional has not ruled on whether a gain arose from the
Merger. The Company does not expect a judgment at the Audiencia Nacional on this case until the first half of 2026 at the earliest.
The Company disputes the technical merits of the assessment and ruling of the TEAC. Based on legal advice and an external
accounting expert\u2019s opinion, the Company believes that it has strong arguments to support its appeal. The Company does not
consider it appropriate to make a provision for these amounts and, accordingly, has classified this matter as a contingent liability.
Should the Company be unsuccessful in its appeal to the Audiencia Nacional, it would reassess its position and the associated
accounting treatment accordingly.
Within the context of the aforementioned tax audits, the Spanish tax authorities concluded on the value of Iberia\u2019s business within
the\u00a0Merger. This valuation was contested by the Company in a separate case, where no tax liability is due. The Company believes there
are technical merits for a higher value, something that would indirectly reduce the quantum of the Merger gain assessed in the\u00a0dispute
described above. On 18 January 2024, the Audiencia Nacional served notice on its judgment issued on 13 December 2023, whereby
it\u00a0ruled in favour of the Spanish tax authorities in respect of the valuation of Iberia\u2019s business within the Merger. On\u00a028\u00a0February 2024,
the Company submitted a request for an appeal of the judgment to the Supreme Court in Spain, which was duly accepted and the
resultant appeal was filed on 8 October 2025. There is no specific timeframe for the Supreme Court to issue its judgment.
IAG Loyalty VAT
Background to the matter
As reported in the 2024 Annual Report and Accounts, His Majesty\u2019s Revenue and Customs (HMRC) in the UK had been considering:
(i) the appropriate VAT accounting to be applied by Avios Group (AGL) Limited, a controlled undertaking of the Group trading
as\u00a0IAG Loyalty; and (ii) the validity of a historical ruling (\u2018the Ruling\u2019) issued by HMRC to the Group.
On 29 October 2024, HMRC issued the Group its decision letter with its view of the appropriate VAT accounting to be applied
by\u00a0IAG Loyalty. HMRC\u2019s decision letter asserted that the charges made by IAG Loyalty are for developing, administering and
maintaining a loyalty scheme with the result that VAT arises at 20% on the issuance of Avios irrespective of the redemption product.
By implication, HMRC\u2019s decision letter confirmed its view that IAG Loyalty was not entitled to rely on the Ruling during the relevant
assessed periods. The decision letter differs to the VAT accounting approach applied by IAG Loyalty, which was based on both
the\u00a0Ruling issued by HMRC and existing case law precedent. Historically, IAG Loyalty has accounted for VAT depending on the
nature of the redemption products for which Avios are redeemed, the vast majority of which are flights which are zero-rated.
The Group, having reviewed HMRC\u2019s decision letter with its legal and tax advisers, strongly disagrees with HMRC\u2019s view. The Group
considers that not accounting for VAT on the issuance of Avios, but for VAT to be accounted for depending on the nature of the
redemption products for which Avios are redeemed, remains appropriate. Accordingly, on 14 February 2025, the Group appealed the
case to the First-tier Tribunal (Tax) in the UK with a hearing scheduled for the fourth quarter of 2026 and a decision of the First-tier
Tribunal (Tax) expected during 2027.
In addition, the Group, having reviewed its position with its legal and tax advisers, considers that it has a legitimate expectation
that\u00a0it should have been able to rely upon the Ruling. Accordingly, during 2025, the Group applied to the High Court in the UK for
a\u00a0judicial review of whether IAG Loyalty had a legitimate expectation that it could rely upon the Ruling and whether HMRC acted
lawfully in asserting that the Ruling was defunct with retrospective effect. The application also sought to stay the hearing pending
the outcome of the appeal to the First-tier Tribunal (Tax). On 6 January 2026 the High Court in the UK approved the application
to\u00a0stay the hearing until after the conclusion of the First-tier Tribunal (Tax) proceedings and any subsequent appeals.
Accounting for the matter
In January 2019, the IFRS Interpretations Committee (IFRIC) issued an agenda decision, which states that deposits made to tax
authorities for taxes, other than income tax, for which the entity and the tax authorities are in dispute and in respect of which the
entity considers it more likely than not that the matter will be resolved in its favour, should be recorded as an asset. The Group,
having reviewed HMRC\u2019s decision with its legal and tax advisers, considers it more likely than not that a favourable outcome from
the judicial process will eventuate. Accordingly, payments made to HMRC relating to this dispute for periods prior to its decision
letter on 29 October 2024 are classified as an asset on the Balance sheet.
For payments made to HMRC for periods subsequent to its decision letter on 29 October 2024, the IFRIC agenda decision does
not\u00a0apply, and while the Group considers it more likely than not that the matter will be resolved in its favour, it is not possible
to\u00a0assert that such payments are virtually certain of being refundable to the Group and accordingly no asset on the Balance sheet
is\u00a0recognised.
Impact on the financial statements
The table below reflects the payments made to and the refund from HMRC during 2025 relating to periods prior to it issuing
its\u00a0decision letter on 29 October 2024, for which an Other non-current asset has been recorded in the Balance sheet:
Million
\u20ac
\u00a3
Balance at 1 January 20251
88
73
Cash payments to HMRC for periods immediately prior to its decision, paid in 20252
39
33
Cash payment to HMRC for remaining historical periods prior to its decision letter3
668
557
Cash refunds from HMRC 4
(265)
(220)
Exchange movements
(23)
\u2013
Balance at 31 December 20255,6
507
443
1 During the course of 2024 and prior to HMRC issuing its decision letter, in order to avoid incurring potential interest and penalties, the Group
commenced accounting and paying to HMRC, without admission of liability, VAT on the issuance of Avios. This has resulted in payments, that the
Group does not consider it can recover from its partners, totalling \u20ac88 million (\u00a373 million) having been made in 2024.
2 During 2025, the Group paid \u20ac39 million (\u00a333 million) of VAT for the months immediately prior to HMRC\u2019s decision letter, which formed part of VAT
returns paid during 2025.
3 On 14 February 2025, the Group appealed this matter to the First-tier Tribunal (Tax) in the UK. To advance the case to the First-tier Tribunal (Tax),
without admission of liability, the Group paid to HMRC \u20ac668 million (\u00a3557 million).
4 During 2025, certain of the Group\u2019s subsidiaries recovered \u20ac265 million (\u00a3220 million) as input VAT.
5 While at 31 December 2025 no amounts relating to interest have been paid, in the event of an ultimate adverse judgment against the Group,
the\u00a0Group has estimated interest on these assessments to 31 December 2025 to total \u20ac121 million (\u00a3106 million). The Group considers it appropriate
not to record any provision for these amounts but to disclose them as a contingent liability.
6 In the event of an adverse outcome for the Group upon completion of the judicial process, the \u20ac507 million asset would be recoverable through
the\u00a0settlement of any VAT liability arising from that outcome. The recognition of any VAT liability arising from the judicial process would result
in\u00a0a\u00a0charge to the Income statement. The Group considers it appropriate not to record any provision for these amounts but to disclose them as
a\u00a0contingent liability.
Payments made to HMRC in relation to periods prior to its decision, after deducting refunds and excluding any interest arising,
amounting to \u20ac507 million (\u00a3443 million) have been recorded as an Other non-current asset in the Balance sheet.
Subsequent to HMRC issuing its decision and through to 31 December 2025, the Group has made payments to HMRC of \u20ac89 million
(\u00a378 million), excluding those amounts the Group\u2019s other subsidiaries, principally British Airways, expect to recover as input VAT.
While the Group considers it more likely than not that the matter will be resolved in its favour, it is not possible to assert that such
payments are virtually certain of being refundable to the Group and accordingly no asset on the Balance sheet is recognised at
31 December 2025, but such amounts are disclosed as a contingent asset. In addition, as a result of the aforementioned accounting,
a proportion of the ongoing payments made to HMRC reduce the amounts that would have previously been recognised within
Deferred revenue in the Balance sheet upon issuance of the Avios and subsequently within both Passenger revenue and Other
revenue in the Income statement when the Avios are
15 Capital expenditure commitments
Capital expenditure authorised and contracted but not provided for in the accounts, including outstanding aircraft commitments,
at\u00a031 December 2025 amounted to \u20ac20,248 million (31 December 2024 : \u20ac 12,634 million). The outstanding aircraft commitments
including the expected delivery timeframes, totalling \u20ac19,034 million ( 2024: \u20ac11,436 million), are as follows:
Aircraft future deliveries at 31 December
2025 1
2024 1
Airbus A320 (from 2026 to 2029)
38
47
Airbus A321 (from 2026 to 2030)
30
35
Airbus A321XLR (in 2026)
2
11
Airbus A330-900 (from 2028 to 2033)
21
\u2013
Airbus A350-900 (from 2027 to 2029)
8
3
Airbus A350-1000 (from 2028 to 2029)
6
\u2013
Boeing 737-8200 (from 2026 to 2028)
25
25
Boeing 737-10 (from 2028 to 2030)
25
25
Boeing 777-9 (from 2027 to 2030)
24
18
Boeing 787-10 (from 2026 to 2033)
38
7
Total
217
171
1 Capital commitments exclude options to purchase additional aircraft.
The majority of these commitments are denominated in US dollars translated at the closing exchange rate at the balance sheet date
and include escalation clauses dependent on the timing of aircraft deliveries. Under the terms of the committed purchase
agreements, the Group is required to make periodic progress payments towards the purchase price, with the commitments above
stated net of progress payments that have been made at the balance sheet date.
The Group has certain rights to defer aircraft deliveries and to cancel commitments in the event of significant delays to aircraft
deliveries caused by the aircraft manufacturers. No such rights had been exercised as at 31 December 2025 .
28 Contingent liabilities
There are a number of legal and regulatory proceedings against the Group in a number of jurisdictions, which at 31 December 2025 ,
where they could be reliably estimated, amounted to \u20ac44 million (31 December 2024: \u20ac42 million). The Group does not consider
it\u00a0probable that there will be an outflow of economic resources with regard to these proceedings and, accordingly, no provisions
have been recorded.
Included in contingent liabilities is the following:
Vueling commercial hand luggage policy
During 2024, the Ministerio de Consumo (Ministry of Consumer Affairs) in Spain issued Vueling with a Sanctioning Resolution,
covering the 26-month period to 31 December 2023, asserting that the Vueling commercial hand luggage policy infringes
consumers\u2019 rights under Article 47.1 of the Royal Legislative Decree 1/2007 in Spain and Regulation (EC) No 1008/2008 of the
European Parliament on the common rules for the operation of air services. In addition, the Sanctioning Resolution fined Vueling
\u20ac39\u00a0million and sought rectification of the alleged infringements.
On 29 January 2025, Vueling filed a Contentious Administrative appeal in relation to the Sanctioning Resolution. Concurrently,
Vueling filed a precautionary measure to suspend the sanction until such time as a final judgment is issued. On 1 July 2025,
the\u00a0appeal to suspend the sanctioning until a final judgment was notified and approved by the Tribunal Superior de Justicia
(High\u00a0Court of Justice) of Madrid.
On 8 October 2025, the European Commission commenced infringement proceedings against the Spanish Government on the basis that
the fines issued to Vueling and other airlines breached EU law on air services. The European Commission gave the Spanish Government
two months to either send a detailed reply or retract the fines. As at 31 December 2025 and through to the date of this report, the Group
is not aware of the current status of interaction between the Spanish Government and the European Commission in regard to this matter.
The Group, with its advisers, has reviewed the infringement proceedings notice from the European Commission, the List of Charges,
the Sanctioning Resolution and the correspondence from the Ministerio de Consumo and considers it has strong arguments
to\u00a0support its commercial hand luggage policy and does not consider it probable that an adverse outcome will result in the future.
As\u00a0such, the Group does not consider it appropriate to record any provision.
Contingent liabilities associated with income taxes, deferred taxes and indirect taxes are presented in note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-753": { "value": "
g Tax-related contingent liabilities
The Group has certain contingent liabilities that could be reliably estimated, across all taxes, but excluding the IAG Loyalty VAT
matter detailed below, at 31 December 2025 amounting to \u20ac 134 million (31 December 2024: \u20ac128 million). While the Group does not
consider it more likely than not that there will be material losses on these matters, given the inherent uncertainty associated with
tax\u00a0litigation and tax audits, there can be no guarantee that material losses will not eventuate. As the Group considers that its
chances of\u00a0success in each of these matters is more probable than not, it is not appropriate to make a provision for these amounts.
Included\u00a0in the tax-related contingent liabilities are the following:
Merger gain
Following tax audits covering the period 2011 to 2014, the Spanish t ax authorities issued a corporate income tax assessment to
the\u00a0Company regarding the merger in 2011 between British Airways and Iberia (\u2018the Merger\u2019). The maximum exposure in this case
is\u00a0\u20ac 107\u00a0million ( 31 December 2024: \u20ac104 million), being the amount in the tax assessment with an estimate of the interest accrued
on\u00a0that assessment through to 31 December 2025.
The Company appealed the assessment to the Tribunal Econ\u00f3mico-Administrativo Central (TEAC) (Central Administrative
Tax\u00a0Tribunal). On 23 October 2019, the TEAC ruled in favour of the Spanish t ax authorities. The Company subsequently appealed
this ruling to the Audiencia Nacional (National High Court) on 20 December 2019, and, on 24 July 2020, filed submissions in support
of\u00a0its case. To assist it in its deliberations as to whether a gain arose from the Merger, on 15 September 2023 the Audiencia Nacional
commissioned an independent accounting expert to provide a report on the appropriate basis of accounting. As at 31 December
2025 and through to the date of these financial statements, the Audiencia Nacional has not ruled on whether a gain arose from the
Merger. The Company does not expect a judgment at the Audiencia Nacional on this case until the first half of 2026 at the earliest.
The Company disputes the technical merits of the assessment and ruling of the TEAC. Based on legal advice and an external
accounting expert\u2019s opinion, the Company believes that it has strong arguments to support its appeal. The Company does not
consider it appropriate to make a provision for these amounts and, accordingly, has classified this matter as a contingent liability.
Should the Company be unsuccessful in its appeal to the Audiencia Nacional, it would reassess its position and the associated
accounting treatment accordingly.
Within the context of the aforementioned tax audits, the Spanish tax authorities concluded on the value of Iberia\u2019s business within
the\u00a0Merger. This valuation was contested by the Company in a separate case, where no tax liability is due. The Company believes there
are technical merits for a higher value, something that would indirectly reduce the quantum of the Merger gain assessed in the\u00a0dispute
described above. On 18 January 2024, the Audiencia Nacional served notice on its judgment issued on 13 December 2023, whereby
it\u00a0ruled in favour of the Spanish tax authorities in respect of the valuation of Iberia\u2019s business within the Merger. On\u00a028\u00a0February 2024,
the Company submitted a request for an appeal of the judgment to the Supreme Court in Spain, which was duly accepted and the
resultant appeal was filed on 8 October 2025. There is no specific timeframe for the Supreme Court to issue its judgment.
IAG Loyalty VAT
Background to the matter
As reported in the 2024 Annual Report and Accounts, His Majesty\u2019s Revenue and Customs (HMRC) in the UK had been considering:
(i) the appropriate VAT accounting to be applied by Avios Group (AGL) Limited, a controlled undertaking of the Group trading
as\u00a0IAG Loyalty; and (ii) the validity of a historical ruling (\u2018the Ruling\u2019) issued by HMRC to the Group.
On 29 October 2024, HMRC issued the Group its decision letter with its view of the appropriate VAT accounting to be applied
by\u00a0IAG Loyalty. HMRC\u2019s decision letter asserted that the charges made by IAG Loyalty are for developing, administering and
maintaining a loyalty scheme with the result that VAT arises at 20% on the issuance of Avios irrespective of the redemption product.
By implication, HMRC\u2019s decision letter confirmed its view that IAG Loyalty was not entitled to rely on the Ruling during the relevant
assessed periods. The decision letter differs to the VAT accounting approach applied by IAG Loyalty, which was based on both
the\u00a0Ruling issued by HMRC and existing case law precedent. Historically, IAG Loyalty has accounted for VAT depending on the
nature of the redemption products for which Avios are redeemed, the vast majority of which are flights which are zero-rated.
The Group, having reviewed HMRC\u2019s decision letter with its legal and tax advisers, strongly disagrees with HMRC\u2019s view. The Group
considers that not accounting for VAT on the issuance of Avios, but for VAT to be accounted for depending on the nature of the
redemption products for which Avios are redeemed, remains appropriate. Accordingly, on 14 February 2025, the Group appealed the
case to the First-tier Tribunal (Tax) in the UK with a hearing scheduled for the fourth quarter of 2026 and a decision of the First-tier
Tribunal (Tax) expected during 2027.
In addition, the Group, having reviewed its position with its legal and tax advisers, considers that it has a legitimate expectation
that\u00a0it should have been able to rely upon the Ruling. Accordingly, during 2025, the Group applied to the High Court in the UK for
a\u00a0judicial review of whether IAG Loyalty had a legitimate expectation that it could rely upon the Ruling and whether HMRC acted
lawfully in asserting that the Ruling was defunct with retrospective effect. The application also sought to stay the hearing pending
the outcome of the appeal to the First-tier Tribunal (Tax). On 6 January 2026 the High Court in the UK approved the application
to\u00a0stay the hearing until after the conclusion of the First-tier Tribunal (Tax) proceedings and any subsequent appeals.
Accounting for the matter
In January 2019, the IFRS Interpretations Committee (IFRIC) issued an agenda decision, which states that deposits made to tax
authorities for taxes, other than income tax, for which the entity and the tax authorities are in dispute and in respect of which the
entity considers it more likely than not that the matter will be resolved in its favour, should be recorded as an asset. The Group,
having reviewed HMRC\u2019s decision with its legal and tax advisers, considers it more likely than not that a favourable outcome from
the judicial process will eventuate. Accordingly, payments made to HMRC relating to this dispute for periods prior to its decision
letter on 29 October 2024 are classified as an asset on the Balance sheet.
For payments made to HMRC for periods subsequent to its decision letter on 29 October 2024, the IFRIC agenda decision does
not\u00a0apply, and while the Group considers it more likely than not that the matter will be resolved in its favour, it is not possible
to\u00a0assert that such payments are virtually certain of being refundable to the Group and accordingly no asset on the Balance sheet
is\u00a0recognised.
Impact on the financial statements
The table below reflects the payments made to and the refund from HMRC during 2025 relating to periods prior to it issuing
its\u00a0decision letter on 29 October 2024, for which an Other non-current asset has been recorded in the Balance sheet:
Million
\u20ac
\u00a3
Balance at 1 January 20251
88
73
Cash payments to HMRC for periods immediately prior to its decision, paid in 20252
39
33
Cash payment to HMRC for remaining historical periods prior to its decision letter3
668
557
Cash refunds from HMRC 4
(265)
(220)
Exchange movements
(23)
\u2013
Balance at 31 December 20255,6
507
443
1 During the course of 2024 and prior to HMRC issuing its decision letter, in order to avoid incurring potential interest and penalties, the Group
commenced accounting and paying to HMRC, without admission of liability, VAT on the issuance of Avios. This has resulted in payments, that the
Group does not consider it can recover from its partners, totalling \u20ac88 million (\u00a373 million) having been made in 2024.
2 During 2025, the Group paid \u20ac39 million (\u00a333 million) of VAT for the months immediately prior to HMRC\u2019s decision letter, which formed part of VAT
returns paid during 2025.
3 On 14 February 2025, the Group appealed this matter to the First-tier Tribunal (Tax) in the UK. To advance the case to the First-tier Tribunal (Tax),
without admission of liability, the Group paid to HMRC \u20ac668 million (\u00a3557 million).
4 During 2025, certain of the Group\u2019s subsidiaries recovered \u20ac265 million (\u00a3220 million) as input VAT.
5 While at 31 December 2025 no amounts relating to interest have been paid, in the event of an ultimate adverse judgment against the Group,
the\u00a0Group has estimated interest on these assessments to 31 December 2025 to total \u20ac121 million (\u00a3106 million). The Group considers it appropriate
not to record any provision for these amounts but to disclose them as a contingent liability.
6 In the event of an adverse outcome for the Group upon completion of the judicial process, the \u20ac507 million asset would be recoverable through
the\u00a0settlement of any VAT liability arising from that outcome. The recognition of any VAT liability arising from the judicial process would result
in\u00a0a\u00a0charge to the Income statement. The Group considers it appropriate not to record any provision for these amounts but to disclose them as
a\u00a0contingent liability.
Payments made to HMRC in relation to periods prior to its decision, after deducting refunds and excluding any interest arising,
amounting to \u20ac507 million (\u00a3443 million) have been recorded as an Other non-current asset in the Balance sheet.
Subsequent to HMRC issuing its decision and through to 31 December 2025, the Group has made payments to HMRC of \u20ac89 million
(\u00a378 million), excluding those amounts the Group\u2019s other subsidiaries, principally British Airways, expect to recover as input VAT.
While the Group considers it more likely than not that the matter will be resolved in its favour, it is not possible to assert that such
payments are virtually certain of being refundable to the Group and accordingly no asset on the Balance sheet is recognised at
31 December 2025, but such amounts are disclosed as a contingent asset. In addition, as a result of the aforementioned accounting,
a proportion of the ongoing payments made to HMRC reduce the amounts that would have previously been recognised within
Deferred revenue in the Balance sheet upon issuance of the Avios and subsequently within both Passenger revenue and Other
revenue in the Income statement when the Avios are
28 Contingent liabilities
There are a number of legal and regulatory proceedings against the Group in a number of jurisdictions, which at 31 December 2025 ,
where they could be reliably estimated, amounted to \u20ac44 million (31 December 2024: \u20ac42 million). The Group does not consider
it\u00a0probable that there will be an outflow of economic resources with regard to these proceedings and, accordingly, no provisions
have been recorded.
Included in contingent liabilities is the following:
Vueling commercial hand luggage policy
During 2024, the Ministerio de Consumo (Ministry of Consumer Affairs) in Spain issued Vueling with a Sanctioning Resolution,
covering the 26-month period to 31 December 2023, asserting that the Vueling commercial hand luggage policy infringes
consumers\u2019 rights under Article 47.1 of the Royal Legislative Decree 1/2007 in Spain and Regulation (EC) No 1008/2008 of the
European Parliament on the common rules for the operation of air services. In addition, the Sanctioning Resolution fined Vueling
\u20ac39\u00a0million and sought rectification of the alleged infringements.
On 29 January 2025, Vueling filed a Contentious Administrative appeal in relation to the Sanctioning Resolution. Concurrently,
Vueling filed a precautionary measure to suspend the sanction until such time as a final judgment is issued. On 1 July 2025,
the\u00a0appeal to suspend the sanctioning until a final judgment was notified and approved by the Tribunal Superior de Justicia
(High\u00a0Court of Justice) of Madrid.
On 8 October 2025, the European Commission commenced infringement proceedings against the Spanish Government on the basis that
the fines issued to Vueling and other airlines breached EU law on air services. The European Commission gave the Spanish Government
two months to either send a detailed reply or retract the fines. As at 31 December 2025 and through to the date of this report, the Group
is not aware of the current status of interaction between the Spanish Government and the European Commission in regard to this matter.
The Group, with its advisers, has reviewed the infringement proceedings notice from the European Commission, the List of Charges,
the Sanctioning Resolution and the correspondence from the Ministerio de Consumo and considers it has strong arguments
to\u00a0support its commercial hand luggage policy and does not consider it probable that an adverse outcome will result in the future.
As\u00a0such, the Group does not consider it appropriate to record any provision.
Contingent liabilities associated with income taxes, deferred taxes and indirect taxes are presented in note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-752": { "value": "
g Tax-related contingent liabilities
The Group has certain contingent liabilities that could be reliably estimated, across all taxes, but excluding the IAG Loyalty VAT
matter detailed below, at 31 December 2025 amounting to \u20ac 134 million (31 December 2024: \u20ac128 million). While the Group does not
consider it more likely than not that there will be material losses on these matters, given the inherent uncertainty associated with
tax\u00a0litigation and tax audits, there can be no guarantee that material losses will not eventuate. As the Group considers that its
chances of\u00a0success in each of these matters is more probable than not, it is not appropriate to make a provision for these amounts.
Included\u00a0in the tax-related contingent liabilities are the following:
Merger gain
Following tax audits covering the period 2011 to 2014, the Spanish t ax authorities issued a corporate income tax assessment to
the\u00a0Company regarding the merger in 2011 between British Airways and Iberia (\u2018the Merger\u2019). The maximum exposure in this case
is\u00a0\u20ac 107\u00a0million ( 31 December 2024: \u20ac104 million), being the amount in the tax assessment with an estimate of the interest accrued
on\u00a0that assessment through to 31 December 2025.
The Company appealed the assessment to the Tribunal Econ\u00f3mico-Administrativo Central (TEAC) (Central Administrative
Tax\u00a0Tribunal). On 23 October 2019, the TEAC ruled in favour of the Spanish t ax authorities. The Company subsequently appealed
this ruling to the Audiencia Nacional (National High Court) on 20 December 2019, and, on 24 July 2020, filed submissions in support
of\u00a0its case. To assist it in its deliberations as to whether a gain arose from the Merger, on 15 September 2023 the Audiencia Nacional
commissioned an independent accounting expert to provide a report on the appropriate basis of accounting. As at 31 December
2025 and through to the date of these financial statements, the Audiencia Nacional has not ruled on whether a gain arose from the
Merger. The Company does not expect a judgment at the Audiencia Nacional on this case until the first half of 2026 at the earliest.
The Company disputes the technical merits of the assessment and ruling of the TEAC. Based on legal advice and an external
accounting expert\u2019s opinion, the Company believes that it has strong arguments to support its appeal. The Company does not
consider it appropriate to make a provision for these amounts and, accordingly, has classified this matter as a contingent liability.
Should the Company be unsuccessful in its appeal to the Audiencia Nacional, it would reassess its position and the associated
accounting treatment accordingly.
Within the context of the aforementioned tax audits, the Spanish tax authorities concluded on the value of Iberia\u2019s business within
the\u00a0Merger. This valuation was contested by the Company in a separate case, where no tax liability is due. The Company believes there
are technical merits for a higher value, something that would indirectly reduce the quantum of the Merger gain assessed in the\u00a0dispute
described above. On 18 January 2024, the Audiencia Nacional served notice on its judgment issued on 13 December 2023, whereby
it\u00a0ruled in favour of the Spanish tax authorities in respect of the valuation of Iberia\u2019s business within the Merger. On\u00a028\u00a0February 2024,
the Company submitted a request for an appeal of the judgment to the Supreme Court in Spain, which was duly accepted and the
resultant appeal was filed on 8 October 2025. There is no specific timeframe for the Supreme Court to issue its judgment.
IAG Loyalty VAT
Background to the matter
As reported in the 2024 Annual Report and Accounts, His Majesty\u2019s Revenue and Customs (HMRC) in the UK had been considering:
(i) the appropriate VAT accounting to be applied by Avios Group (AGL) Limited, a controlled undertaking of the Group trading
as\u00a0IAG Loyalty; and (ii) the validity of a historical ruling (\u2018the Ruling\u2019) issued by HMRC to the Group.
On 29 October 2024, HMRC issued the Group its decision letter with its view of the appropriate VAT accounting to be applied
by\u00a0IAG Loyalty. HMRC\u2019s decision letter asserted that the charges made by IAG Loyalty are for developing, administering and
maintaining a loyalty scheme with the result that VAT arises at 20% on the issuance of Avios irrespective of the redemption product.
By implication, HMRC\u2019s decision letter confirmed its view that IAG Loyalty was not entitled to rely on the Ruling during the relevant
assessed periods. The decision letter differs to the VAT accounting approach applied by IAG Loyalty, which was based on both
the\u00a0Ruling issued by HMRC and existing case law precedent. Historically, IAG Loyalty has accounted for VAT depending on the
nature of the redemption products for which Avios are redeemed, the vast majority of which are flights which are zero-rated.
The Group, having reviewed HMRC\u2019s decision letter with its legal and tax advisers, strongly disagrees with HMRC\u2019s view. The Group
considers that not accounting for VAT on the issuance of Avios, but for VAT to be accounted for depending on the nature of the
redemption products for which Avios are redeemed, remains appropriate. Accordingly, on 14 February 2025, the Group appealed the
case to the First-tier Tribunal (Tax) in the UK with a hearing scheduled for the fourth quarter of 2026 and a decision of the First-tier
Tribunal (Tax) expected during 2027.
In addition, the Group, having reviewed its position with its legal and tax advisers, considers that it has a legitimate expectation
that\u00a0it should have been able to rely upon the Ruling. Accordingly, during 2025, the Group applied to the High Court in the UK for
a\u00a0judicial review of whether IAG Loyalty had a legitimate expectation that it could rely upon the Ruling and whether HMRC acted
lawfully in asserting that the Ruling was defunct with retrospective effect. The application also sought to stay the hearing pending
the outcome of the appeal to the First-tier Tribunal (Tax). On 6 January 2026 the High Court in the UK approved the application
to\u00a0stay the hearing until after the conclusion of the First-tier Tribunal (Tax) proceedings and any subsequent appeals.
Accounting for the matter
In January 2019, the IFRS Interpretations Committee (IFRIC) issued an agenda decision, which states that deposits made to tax
authorities for taxes, other than income tax, for which the entity and the tax authorities are in dispute and in respect of which the
entity considers it more likely than not that the matter will be resolved in its favour, should be recorded as an asset. The Group,
having reviewed HMRC\u2019s decision with its legal and tax advisers, considers it more likely than not that a favourable outcome from
the judicial process will eventuate. Accordingly, payments made to HMRC relating to this dispute for periods prior to its decision
letter on 29 October 2024 are classified as an asset on the Balance sheet.
For payments made to HMRC for periods subsequent to its decision letter on 29 October 2024, the IFRIC agenda decision does
not\u00a0apply, and while the Group considers it more likely than not that the matter will be resolved in its favour, it is not possible
to\u00a0assert that such payments are virtually certain of being refundable to the Group and accordingly no asset on the Balance sheet
is\u00a0recognised.
Impact on the financial statements
The table below reflects the payments made to and the refund from HMRC during 2025 relating to periods prior to it issuing
its\u00a0decision letter on 29 October 2024, for which an Other non-current asset has been recorded in the Balance sheet:
Million
\u20ac
\u00a3
Balance at 1 January 20251
88
73
Cash payments to HMRC for periods immediately prior to its decision, paid in 20252
39
33
Cash payment to HMRC for remaining historical periods prior to its decision letter3
668
557
Cash refunds from HMRC 4
(265)
(220)
Exchange movements
(23)
\u2013
Balance at 31 December 20255,6
507
443
1 During the course of 2024 and prior to HMRC issuing its decision letter, in order to avoid incurring potential interest and penalties, the Group
commenced accounting and paying to HMRC, without admission of liability, VAT on the issuance of Avios. This has resulted in payments, that the
Group does not consider it can recover from its partners, totalling \u20ac88 million (\u00a373 million) having been made in 2024.
2 During 2025, the Group paid \u20ac39 million (\u00a333 million) of VAT for the months immediately prior to HMRC\u2019s decision letter, which formed part of VAT
returns paid during 2025.
3 On 14 February 2025, the Group appealed this matter to the First-tier Tribunal (Tax) in the UK. To advance the case to the First-tier Tribunal (Tax),
without admission of liability, the Group paid to HMRC \u20ac668 million (\u00a3557 million).
4 During 2025, certain of the Group\u2019s subsidiaries recovered \u20ac265 million (\u00a3220 million) as input VAT.
5 While at 31 December 2025 no amounts relating to interest have been paid, in the event of an ultimate adverse judgment against the Group,
the\u00a0Group has estimated interest on these assessments to 31 December 2025 to total \u20ac121 million (\u00a3106 million). The Group considers it appropriate
not to record any provision for these amounts but to disclose them as a contingent liability.
6 In the event of an adverse outcome for the Group upon completion of the judicial process, the \u20ac507 million asset would be recoverable through
the\u00a0settlement of any VAT liability arising from that outcome. The recognition of any VAT liability arising from the judicial process would result
in\u00a0a\u00a0charge to the Income statement. The Group considers it appropriate not to record any provision for these amounts but to disclose them as
a\u00a0contingent liability.
Payments made to HMRC in relation to periods prior to its decision, after deducting refunds and excluding any interest arising,
amounting to \u20ac507 million (\u00a3443 million) have been recorded as an Other non-current asset in the Balance sheet.
Subsequent to HMRC issuing its decision and through to 31 December 2025, the Group has made payments to HMRC of \u20ac89 million
(\u00a378 million), excluding those amounts the Group\u2019s other subsidiaries, principally British Airways, expect to recover as input VAT.
While the Group considers it more likely than not that the matter will be resolved in its favour, it is not possible to assert that such
payments are virtually certain of being refundable to the Group and accordingly no asset on the Balance sheet is recognised at
31 December 2025, but such amounts are disclosed as a contingent asset. In addition, as a result of the aforementioned accounting,
a proportion of the ongoing payments made to HMRC reduce the amounts that would have previously been recognised within
Deferred revenue in the Balance sheet upon issuance of the Avios and subsequently within both Passenger revenue and Other
revenue in the Income statement when the Avios are
28 Contingent liabilities
There are a number of legal and regulatory proceedings against the Group in a number of jurisdictions, which at 31 December 2025 ,
where they could be reliably estimated, amounted to \u20ac44 million (31 December 2024: \u20ac42 million). The Group does not consider
it\u00a0probable that there will be an outflow of economic resources with regard to these proceedings and, accordingly, no provisions
have been recorded.
Included in contingent liabilities is the following:
Vueling commercial hand luggage policy
During 2024, the Ministerio de Consumo (Ministry of Consumer Affairs) in Spain issued Vueling with a Sanctioning Resolution,
covering the 26-month period to 31 December 2023, asserting that the Vueling commercial hand luggage policy infringes
consumers\u2019 rights under Article 47.1 of the Royal Legislative Decree 1/2007 in Spain and Regulation (EC) No 1008/2008 of the
European Parliament on the common rules for the operation of air services. In addition, the Sanctioning Resolution fined Vueling
\u20ac39\u00a0million and sought rectification of the alleged infringements.
On 29 January 2025, Vueling filed a Contentious Administrative appeal in relation to the Sanctioning Resolution. Concurrently,
Vueling filed a precautionary measure to suspend the sanction until such time as a final judgment is issued. On 1 July 2025,
the\u00a0appeal to suspend the sanctioning until a final judgment was notified and approved by the Tribunal Superior de Justicia
(High\u00a0Court of Justice) of Madrid.
On 8 October 2025, the European Commission commenced infringement proceedings against the Spanish Government on the basis that
the fines issued to Vueling and other airlines breached EU law on air services. The European Commission gave the Spanish Government
two months to either send a detailed reply or retract the fines. As at 31 December 2025 and through to the date of this report, the Group
is not aware of the current status of interaction between the Spanish Government and the European Commission in regard to this matter.
The Group, with its advisers, has reviewed the infringement proceedings notice from the European Commission, the List of Charges,
the Sanctioning Resolution and the correspondence from the Ministerio de Consumo and considers it has strong arguments
to\u00a0support its commercial hand luggage policy and does not consider it probable that an adverse outcome will result in the future.
As\u00a0such, the Group does not consider it appropriate to record any provision.
Contingent liabilities associated with income taxes, deferred taxes and indirect taxes are presented in note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-755": { "value": "
11 Earnings per share
\u20ac million
2025
2024
Earnings attributable to equity holders of the parent for basic earnings per share
3,342
2,732
Income statement impact of convertible bonds
158
185
Diluted earnings attributable to equity holders of the parent for diluted earnings per share
3,500
2,917
2025
Number
'000
2024
Number
'000
Weighted average number of ordinary shares in issue used for basic earnings per share 1
4,690,069
4,903,453
Assumed conversion on convertible bonds
250,534
245,944
Dilutive employee share schemes outstanding
91,377
110,261
Weighted average number of ordinary shares used for diluted earnings per share
5,031,980
5,259,658
\u20ac cents
2025
2024
Basic earnings per share
71.3
55.7
Diluted earnings per share
69.5
55.5
1 Includes 187 million as the weighted average impact for 312 million treasury shares purchased in the share buyback programme (note 31a).
The assumed conversion of the \u20ac825 million convertible bonds 2028 and outstanding employee share schemes have a dilutive impact
on the earnings per share for the years to 31 December 2025 and 31 December 2024 due to the reported profit after tax for\u00a0the
respective years.
For information relating to Adjusted earnings per share, refer to the Alternative performance measures section.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-756": { "value": "0.713", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-757": { "value": "0.557", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-758": { "value": "0.695", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-759": { "value": "0.555", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-760": { "value": "
12 Dividends
\u20ac million
2025
2024
Cash dividend declared
Interim cash dividend declared for 2025 of \u20ac0.048 per share (2024: \u20ac0.03 per share)
220
147
Final dividend for 2024 of \u20ac0.06 per share (2023: \u20acnil)
280
\u2013
Proposed cash dividend
Final dividend for 2025 of \u20ac0.05 per share
228
The proposed dividend will be distributed from net profit for the year to 31 December 2025 .
Proposed dividends on ordinary shares are subject to approval at the A nnual General Meeting and, subject to such approval,
are\u00a0recognised as a liability on that date.
The future dividend capacity of the Group is dependent on the liquidity requirements and the distributable reserves of the Group\u2019s
main operating companies and their capacity to pay dividends to the Company, together with the Company\u2019s distributable reserves
and liquidity.
During 2025, following the finalisation of the triennial valuation, as at 31 March 2024, of British Airways\u2019 main UK defined benefit
pension scheme (NAPS), all previously existing requirements relating to pension contributions arising from dividend payments have
been removed. Accordingly, at 31 December 2025 the Group had no restrictions on the payment of dividends from the Group\u2019s main
operating companies to the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-761": { "value": "
13 Property, plant and equipment
\u20ac million
Fleet
Property
Equipment
Total
Cost
Balance at 1 January 2024
30,371
3,086
1,532
34,989
Additions
2,779
67
240
3,086
Modification of leases
286
110
\u2013
396
Disposals
(871)
(39)
(85)
(995)
Reclassifications
(1)
3
(1)
1
Transfers to Non-current assets held for sale (note 16)
(28)
\u2013
\u2013
(28)
Exchange movements
915
120
52
1,087
Balance at 31 December 2024
33,451
3,347
1,738
38,536
Additions
2,603
159
302
3,064
Modification of leases
241
157
\u2013
398
Disposals
(244)
(11)
(59)
(314)
Exchange movements
(1,281)
(168)
(76)
(1,525)
Balance at 31 December 2025
34,770
3,484
1,905
40,159
Depreciation and impairment
Balance at 1 January 2024
12,851
1,310
1,052
15,213
Depreciation charge for the year
1,891
152
82
2,125
Disposals
(304)
(35)
(81)
(420)
Modification of leases
(2)
(4)
\u2013
(6)
Reclassifications
(23)
3
(3)
(23)
Exchange movements
423
52
40
515
Balance at 31 December 2024
14,836
1,478
1,090
17,404
Depreciation charge for the year1
2,063
150
99
2,312
Disposals
(217)
(10)
(43)
(270)
Exchange movements
(608)
(73)
(51)
(732)
Balance at 31 December 2025
16,074
1,545
1,095
18,714
1 During 2025, the Group extended the useful lives of certain aircraft to align with current fleet planning. Had these useful lives not been extended, the
depreciation charge for 2025 would have been \u20ac18 million higher.
Net book values
31 December 2025
18,696
1,939
810
21,445
31 December 2024
18,615
1,869
648
21,132
\u20ac million
Fleet
Property
Equipment
Total
Analysis at 31 December 2025
Owned
11,137
882
569
12,588
Right-of-use assets (note 14)
5,996
952
10
6,958
Assets under construction (including progress payments)1
1,559
105
231
1,895
Assets not in current use
4
\u2013
\u2013
4
Property, plant and equipment
18,696
1,939
810
21,445
Analysis at 31 December 2024
Owned1
10,139
886
441
11,466
Right-of-use assets (note 14)
7,111
901
6
8,018
Assets under construction (including progress payments)1
1,278
78
189
1,545
Assets not in current use
87
4
12
103
Property, plant and equipment
18,615
1,869
648
21,132
1 Included in the fleet assets under construction are progress payments of \u20ac995 million (2024: \u20ac870 million ).
The net book value of property comprises:
\u20ac million
2025
2024
Freehold
508
485
Right-of-use assets (note 14)
952
901
Long-leasehold improvements with a contractual life in excess of 50 years
365
337
Short-leasehold improvements with a contractual life of less than 50 years
114
146
Property
1,939
1,869
At 31 December 2025 , bank and other loans of the Group are secured on owned fleet assets with a net book value of \u20ac5,476 million
( 2024: \u20ac 5,958 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-762": { "value": "
14 Leases
Significant accounting judgement applied \u2013 Determining the lease term of contracts with renewal and termination options
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to
extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is
reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain whether or not to
exercise the option to renew or terminate the lease. Such judgement includes consideration of fleet plans, which underpin approved
business plans and historical experience regarding the extension of leases. After the commencement date, the Group reassesses the
lease term if there is a significant event or change in circumstances that affects the Group\u2019s ability to exercise or\u00a0not to exercise the
option to renew or to terminate.
a Amounts recognised in the Balance sheet \u2013 right-of-use assets
Property, plant and equipment includes the following amounts relating to right-of-use assets:
\u20ac million
Fleet
Property
Equipment
Total
Cost
Balance at 1 January 2024
13,983
1,140
43
15,166
Additions
622
11
\u2013
633
Modifications of leases
286
110
\u2013
396
Disposals
(131)
(21)
\u2013
(152)
Reclassifications 1
(1,240)
\u2013
(32)
(1,272)
Exchange movements
301
46
1
348
31 December 2024
13,821
1,286
12
15,119
Additions
93
32
7
132
Modification of leases
241
157
\u2013
398
Disposals
(145)
(9)
(2)
(156)
Reclassifications 1
(582)
\u2013
\u2013
(582)
Exchange movements
(368)
(66)
(1)
(435)
31 December 2025
13,060
1,400
16
14,476
Depreciation and impairment
Balance at 1 January 2024
6,302
302
28
6,632
Depreciation charge for the year
1,036
96
2
1,134
Disposals
(128)
(21)
\u2013
(149)
Modification of leases
(2)
(4)
\u2013
(6)
Reclassifications 1
(644)
\u2013
(24)
(668)
Exchange movements
146
12
\u2013
158
31 December 2024
6,710
385
6
7,101
Depreciation charge for the year
1,021
90
2
1,113
Disposals
(121)
(9)
(2)
(132)
Reclassifications 1
(354)
\u2013
\u2013
(354)
Exchange movements
(192)
(18)
\u2013
(210)
31 December 2025
7,064
448
6
7,518
Net book value
31 December 2025
5,996
952
10
6,958
31 December 2024
7,111
901
6
8,018
1 Amounts with a net book value of \u20ac 228 million (2024: \u20ac604 million) were reclassified from ROU assets to owned Property, plant and equipment
at\u00a0the cessation of the respective leases. The assets reclassified relate to leases with purchase options that were grandfathered as ROU assets upon
transition to IFRS 16, for which the Group had been depreciating over the expected useful life of the aircraft, incorporating the purchase option.
b Amounts recognised in the Balance sheet \u2013 lease liabilities and asset financed liabilities
The following table provides supplemental information regarding the Group\u2019s total contractual lease obligations, split between
operating and finance leases that are reported within Lease liabilities and those contractual lease arrangements reported as Asset
financed liabilities that do not meet the definition of a lease liability under IFRS. While the distinction between operating and finance
leases is not applied for lessees under IFRS, the table below disaggregates operating and financing leases based on their contractual
definitions and is consistent with the definitions applied for lessors under IFRS. The Group believes that this disaggregation of Lease
liabilities is useful to the users of the financial statements in understanding the financing structure the Group has entered into.
\u20ac million
Operating
leases
Finance
leases
Total lease
liabilities 1
Asset
financed
liabilities
Total
1 January 2025
6,906
1,740
8,646
5,788
14,434
Additions
141
\u2013
141
662
803
Modifications
396
6
402
\u2013
402
Repayments
(1,345)
(411)
(1,756)
(874)
(2,630)
Interest expense
367
49
416
206
622
Exchange movements
(740)
(114)
(854)
(488)
(1,342)
31 December 2025
5,725
1,270
6,995
5,294
12,289
Depreciation expense
922
191
1,113
283
1,396
Interest expense
367
49
416
206
622
Total amounts recorded in the Income statement
1,289
240
1,529
489
2,018
Repayment of principal within financing activities
974
370
1,344
696
2,040
Repayment of interest within operating activities
366
40
406
178
584
Total repayments in the Cash flow statement 2,3
1,340
410
1,750
874
2,624
\u20ac million
Operating
leases
Finance
leases
Total lease
liabilities 1
Asset
financed
liabilities
Total
1 January 2024
6,460
2,507
8,967
4,427
13,394
Additions
587
\u2013
587
1,473
2,060
Modifications
390
11
401
\u2013
401
Repayments
(1,325)
(887)
(2,212)
(525)
(2,737)
Interest expense
406
79
485
198
683
Disposals
(4)
\u2013
(4)
\u2013
(4)
Exchange movements
392
30
422
215
637
31 December 2024
6,906
1,740
8,646
5,788
14,434
Depreciation expense
922
212
1,134
238
1,372
Interest expense
406
79
485
198
683
Total amounts recorded in the Income statement
1,328
291
1,619
436
2,055
Repayment of principal within financing activities
923
814
1,737
347
2,084
Repayment of interest within operating activities
404
68
472
177
649
Total repayments in the Cash flow statement 2,3
1,327
882
2,209
524
2,733
1 Upon transition to IFRS 16 on 1 January 2019, all finance leases were grandfathered as lease liabilities.
2 Includes the repayment of both principal and interest.
3 Excludes cash flows associated with low-value leases and variable lease payments, which the Group does not recognise within lease liabilities.
Interest-bearing long-term borrowings include the following amount relating to lease liabilities:
\u20ac million
2025
2024
Current
1,397
1,477
Non-current
5,598
7,169
c Amounts recognised in the Income statement
\u20ac million
2025
2024
Amounts not included in the measurement of lease liabilities
Variable lease payments
\u2013
2
Expenses relating to short-term leases
104
60
Amounts expensed as a result of the recognition of ROU assets and lease liabilities
Interest expense on lease liabilities
416
485
(Gains)/losses arising from sale and leaseback transactions
\u2013
\u2013
Depreciation charge for the year
1,113
1,134
d Amounts recognised in the Cash flow statement
The following table details the amounts recognised in the Cash flow statement for the years to 31 December 2025 and 31 December 2024.
\u20ac million
2025
2024
Cash flows arising from transactions giving rise to lease liabilities
Total cash outflows arising from lease liabilities \u2013 aircraft
(1,620)
(2,101)
Total cash outflows arising from lease liabilities \u2013 other
(130)
(108)
Total cash inflows arising from sale and leaseback transactions \u2013 aircraft
\u2013
567
Cash flows arising from transactions that do not give rise to the recognition of lease liabilities
Total cash outflows arising from short-term leases, low-value assets and variable lease payments
(105)
(62)
Total cash inflows arising from the recognition of asset financed liabilities
662
1,473
Total cash outflows arising from asset financed liabilities
(874)
(524)
The Group is exposed to future cash outflows (on an undiscounted basis) at 31 December 2025, for which an amount of \u20acnil (2024 :
\u20ac89 million) has been recognised in relation to leases not yet commenced to which the Group is committed.
e Maturity profile of lease liabilities and asset financed liabilities
The following table analyses the Group\u2019s outflows in respect of operating leases, finance leases and asset financed liabilities into
relevant maturity groupings based on the remaining period at 31 December to the contractual maturity date. The amounts disclosed
in the table are the contractual undiscounted cash flows and include interest.
\u20ac million
Operating
leases
Finance
leases
Total lease
liabilities
Asset
financed
liabilities
Total
Within 1 year
1,084
398
1,482
478
1,960
1-2 years
1,019
322
1,341
481
1,822
2-3 years
890
301
1,191
489
1,680
3-4 years
662
144
806
678
1,484
4-5 years
599
163
762
571
1,333
More than 5 years
4,308
20
4,328
3,526
7,854
31 December 2025
8,562
1,348
9,910
6,223
16,133
\u20ac million
Operating
leases
Finance
leases
Total lease
liabilities
Asset
financed
liabilities
Total
Within 1 year
1,183
423
1,606
528
2,134
1-2 years
1,139
411
1,550
524
2,074
2-3 years
1,059
332
1,391
529
1,920
3-4 years
911
327
1,238
552
1,790
4-5 years
679
160
839
714
1,553
More than 5 years
4,589
194
4,783
3,901
8,684
31 December 2024
9,560
1,847
11,407
6,748
18,155
f Extension options
The Group has certain leases that contain extension options exercisable by the Group prior to the non-cancellable contract period.
Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The Group assesses
at lease commencement whether it is reasonably certain to exercise the extension options.
The Group is exposed to future cash outflows (on an undiscounted basis) at 31 December 2025, for which no amount has been
recognised, for potential extension options of \u20ac1,068 million (2024 : \u20ac1,115 million) due to it not being reasonably certain that these
leases will be extended.
g Lessor accounting
The Group leases out certain of its property, plant and equipment. The Group has classified those leases that transfer substantially all
of the risks and rewards of ownership to the lessee as finance leases and those leases that do not transfer substantially all of the risks
and rewards of ownership to the lessee as operating leases.
Finance leases
The Group recognised rental income from finance leases in 2025 of \u20acnil (2024: \u20ac4 million). Rental income is recorded within
Property, IT and other within the Income statement.
The following table sets out a maturity analysis of finance lease receipts, showing the undiscounted lease receipts to be received
after the balance sheet date:
\u20ac million
2025
2024
Within 1 year
7
4
1-2 years
2
4
2-5 years
6
\u2013
Total undiscounted lease receipts
15
8
Less finance income
\u2013
(4)
Net investment in finance leases
15
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-763": { "value": "
15 Capital expenditure commitments
Capital expenditure authorised and contracted but not provided for in the accounts, including outstanding aircraft commitments,
at\u00a031 December 2025 amounted to \u20ac20,248 million (31 December 2024 : \u20ac 12,634 million). The outstanding aircraft commitments
including the expected delivery timeframes, totalling \u20ac19,034 million ( 2024: \u20ac11,436 million), are as follows:
Aircraft future deliveries at 31 December
2025 1
2024 1
Airbus A320 (from 2026 to 2029)
38
47
Airbus A321 (from 2026 to 2030)
30
35
Airbus A321XLR (in 2026)
2
11
Airbus A330-900 (from 2028 to 2033)
21
\u2013
Airbus A350-900 (from 2027 to 2029)
8
3
Airbus A350-1000 (from 2028 to 2029)
6
\u2013
Boeing 737-8200 (from 2026 to 2028)
25
25
Boeing 737-10 (from 2028 to 2030)
25
25
Boeing 777-9 (from 2027 to 2030)
24
18
Boeing 787-10 (from 2026 to 2033)
38
7
Total
217
171
1 Capital commitments exclude options to purchase additional aircraft.
The majority of these commitments are denominated in US dollars translated at the closing exchange rate at the balance sheet date
and include escalation clauses dependent on the timing of aircraft deliveries. Under the terms of the committed purchase
agreements, the Group is required to make periodic progress payments towards the purchase price, with the commitments above
stated net of progress payments that have been made at the balance sheet date.
The Group has certain rights to defer aircraft deliveries and to cancel commitments in the event of significant delays to aircraft
deliveries caused by the aircraft manufacturers. No such rights had been exercised as at 31 December 2025 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-765": { "value": "
16 Non-current assets held for sale
At 31 December 2025 , there were no non-current assets held for sale.
At 31 December 2024, the non-current assets held for sale of \u20ac5 million represented one Airbus A320 aircraft. No gain or loss was
recognised on classification as a non-current asset held for sale. This aircraft was reported within the Aer Lingus segment and exited
the business during 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-764": { "value": "
16 Non-current assets held for sale
At 31 December 2025 , there were no non-current assets held for sale.
At 31 December 2024, the non-current assets held for sale of \u20ac5 million represented one Airbus A320 aircraft. No gain or loss was
recognised on classification as a non-current asset held for sale. This aircraft was reported within the Aer Lingus segment and exited
the business during 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-766": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-769": { "value": "
17 Intangible assets and impairment review
a Intangible assets
\u20ac million
Goodwill
Brand
Customer
loyalty
programmes
Landing
rights1
Software
Other
Total
Cost
Balance at 1 January 2024
596
451
253
1,593
2,163
74
5,130
Additions
\u2013
\u2013
\u2013
\u2013
493
1
494
Disposals
\u2013
\u2013
\u2013
\u2013
(69)
\u2013
(69)
Reclassifications
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Exchange movements
2
\u2013
\u2013
37
66
\u2013
105
Balance at 31 December 2024
598
451
253
1,630
2,652
75
5,659
Additions
\u2013
\u2013
\u2013
\u2013
535
\u2013
535
Disposals
\u2013
\u2013
\u2013
\u2013
(91)
\u2013
(91)
Exchange movements
(3)
\u2013
\u2013
(49)
(101)
(1)
(154)
31 December 2025
595
451
253
1,581
2,995
74
5,949
Amortisation and impairment
Balance at 1 January 2024
249
\u2013
\u2013
153
1,326
70
1,798
Amortisation charge for the year
\u2013
\u2013
\u2013
6
225
1
232
Impairment charge for the year
\u2013
\u2013
\u2013
\u2013
7
\u2013
7
Disposals
\u2013
\u2013
\u2013
\u2013
(63)
(1)
(64)
Exchange movements
\u2013
\u2013
\u2013
2
42
\u2013
44
Balance at 31 December 2024
249
\u2013
\u2013
161
1,537
70
2,017
Amortisation charge for the year
\u2013
\u2013
\u2013
6
309
1
316
Disposals
\u2013
\u2013
\u2013
\u2013
(90)
\u2013
(90)
Exchange movements
\u2013
\u2013
\u2013
(3)
(61)
\u2013
(64)
31 December 2025
249
\u2013
\u2013
164
1,695
71
2,179
Net book values
31 December 2025
346
451
253
1,417
1,300
3
3,770
31 December 2024
349
451
253
1,469
1,115
5
3,642
1 The net book value includes non-UK and non-EU based landing rights of \u20ac 51 million (2024 : \u20ac57 million) that have a definite life. The remaining
average life of these landing rights is 10 years.
b Impairment review
The carrying amounts of intangible assets with indefinite life and goodwill allocated to cash-generating units (CGUs) of the Group are:
\u20ac million
Goodwill
Brand
Customer
loyalty
programmes
Landing
rights
Total
2025
Iberia
1 January and 31 December 2025
\u2013
306
\u2013
423
729
British Airways
1 January 2025
49
\u2013
\u2013
833
882
Exchange movements
(3)
\u2013
\u2013
(46)
(49)
31 December 2025
46
\u2013
\u2013
787
833
Vueling
1 January and 31 December 2025
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2025
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2025
\u2013
\u2013
253
\u2013
253
31 December 2025
346
451
253
1,366
2,416
\u20ac million
Goodwill
Brand
Customer
loyalty
programmes
Landing
rights
Total
2024
Iberia
1 January and 31 December 2024
\u2013
306
\u2013
423
729
British Airways
1 January 2024
47
\u2013
\u2013
798
845
Exchange movements
2
\u2013
\u2013
35
37
31 December 2024
49
\u2013
\u2013
833
882
Vueling
1 January and 31 December 2024
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2024
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2024
\u2013
\u2013
253
\u2013
253
31 December 2024
349
451
253
1,412
2,465
Basis for calculating recoverable amounts
The recoverable amounts of the Group\u2019s CGUs have been measured based on their value in use, which utilises a weighted average
multi-scenario discounted cash flow model. The details of these scenarios are given in the Going concern section of note 2, with a
weighting of 70% to the Base Case and 30% to the Downside Case. Cash flow projections are based on the business plans approved
by the relevant operating companies covering a three-year period. Cash flows extrapolated beyond the three-year period are
projected to increase based on long-term growth rates. Cash flow projections are discounted using each CGU\u2019s pre-tax discount rate.
Annually, the relevant operating companies prepare and their respective boards approve three-year business plans, and the IAG
Board approves the Group three-year business plan in the fourth quarter of the year. Adjustments have been made to the final year
of the business plan cash flows to incorporate the impacts of climate change that the Group can reliably estimate at the balance
sheet date. However, given the long-term nature of the Group\u2019s sustainability commitments, there are other aspects of these
commitments that cannot be reliably estimated and, accordingly, have been excluded from the value in use calculations (see note 4).
The business plan cash flows used in the value in use calculations also reflect all restructuring of the business where relevant that has
been approved by the Board and which can be executed by management under existing labour agreements.
Key assumptions
The value in use calculations for each CGU reflect the wider economic and geopolitical environments, including updated projected
cash flows for activity from 2026 through to the end of 2028. For each of the Group\u2019s CGUs, the key assumptions used in the value
in use calculations are as follows:
2025
Per cent
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin1
12- 17
13- 16
7- 12
8- 14
19- 21
Average ASK growth per annum1
1- 9
3- 6
(2)- 5
0- 6
n/a
Long-term growth rate
1.9
1.7
0.8
1.7
1.6
Pre-tax discount rate
11.8
12.3
14.8
11.0
16.3
2024
Per cent
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin1
12- 16
11- 13
8- 10
8- 13
20-21
Average ASK growth per annum1
0- 8
2- 7
1- 8
2- 3
n/a
Long-term growth rate
1.8
1.4
1.0
1.3
1.6
Pre-tax discount rate
11.3
11.6
13.7
10.7
15.5
1 Operating margin and average ASK growth per annum are stated as the weighted average derived from the multi-scenario discounted cash flow model.
Jet fuel price ($ per MT)
Within 12
months
1-2 years
2-3 years
3 years and
thereafter
2025
694
680
682
685
2024
704
715
717
717
Forecast ASKs in the current year modelling represent the range of average annual increases in capacity over the forecast period,
based on planned committed network growth and taking into account management\u2019s expectation of the market.
The long-term growth rate is calculated for each CGU, considering a number of data points: (i) industry publications; (ii) forecast
weighted average exposure in each primary market using gross domestic product (GDP); and (iii) internal analysis regarding long-
term changes in consumer preferences and the effects on demand from the increased costs to the Group of climate change. The
calculation of the long-term growth rate utilises a Base Case and a Downside Case growth rate, which is then weighted on the same
basis as the cash flows detailed above of 70% to the Base Case and 30% to the Downside Case. The terminal value cash flows and
long-term growth rate incorporate the impacts of climate change insofar as they can be determined (see note 4). The airlines\u2019
network plans and the IAG Loyalty forecasts are reviewed annually as part of the three-year business plan preparation and reflect
management\u2019s plans in response to specific market risks or opportunities.
Pre-tax discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value
of money and underlying risks of its primary market. The discount rate calculations are based on the circumstances of the airline industry,
the loyalty scheme industry, the Group and the CGU. These rates are derived from the weighted average cost of capital (WACC). The
WACC takes into consideration both debt and equity available to airlines and loyalty schemes. The cost of equity is derived from the
expected return on investment by airline and loyalty scheme investors and the cost of debt is derived from both market data and industry
gearing levels derived from comparable companies. CGU-specific risk is incorporated by applying individual beta factors, which are
evaluated annually based on available market data. The pre-tax discount rate reflects the timing of future tax flows. The Group engages
an\u00a0external valuation expert as at the valuation date to assist in the determination of the post-tax discount rate.
Jet fuel price assumptions are derived from forward price curves in the fourth quarter of each year and sourced externally from
readily available market data at the valuation date. The cash flow forecasts reflect these prices after taking into consideration the
level of fuel derivatives and their associated prices that the Group has in place and the incremental price differentials expected
for\u00a0the purchase of\u00a0SAF.
As detailed above, the Group adjusts the final year of the three-year business plans to incorporate the medium-term impacts of
climate change from the Group\u2019s Flightpath Net Zero climate strategy through to 2035 (2024: through to 2030). These adjustments
include the following key assumptions: (i) an assumed price of \u20ac7,000 per metric tonne of SAF; (ii) for costs of carbon, prices of
\u20ac194, \u20ac194, \u20ac141 and \u20ac51 for EU ETS allowances, Swiss ETS allowances, UK ETS allowances and CORSIA allowances, respectively,
per\u00a0tonne of CO2 equivalents emitted; and (iii) the removal of all free ETS and CORSIA allowances.
Summary of results
At 31 December 2025 and 31 December 2024 management reviewed the recoverable amount of each of the CGUs and concluded
the recoverable amounts exceeded the carrying values.
For the British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty CGUs, the recoverable amounts are estimated to exceed the
carrying amounts by \u20ac11,374 million, \u20ac4,559 million, \u20ac1,272 million, \u20ac868 million and \u20ac3,032 million (2024: \u20ac17,647 million, \u20ac6,130 million,
\u20ac2,300 million, \u20ac1,490 million and \u20ac3,751 million), respectively.
Reasonably possible changes in key assumptions, both individually and in combination, have been considered for each CGU, where
applicable, which include reducing the operating margin by 2 percentage points in each year, reducing ASKs by 5 percentage points
in each year, reducing long-term growth rates in the terminal value calculation to zero, increasing pre-tax discount rates by 2.5 percentage
points and increasing the fuel price (both jet fuel and SAF) by 40%, with cost recovery consistent with that experienced historically.
Given the inherent uncertainty associated with the impact of climate change, these sensitivities represent a reasonably possible
impact of climate change on the CGUs greater than that included in the impairment models. For all reasonably possible changes
in\u00a0key assumptions, both individually and in combination, no impairment arises.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-768": { "value": "
17 Intangible assets and impairment review
a Intangible assets
\u20ac million
Goodwill
Brand
Customer
loyalty
programmes
Landing
rights1
Software
Other
Total
Cost
Balance at 1 January 2024
596
451
253
1,593
2,163
74
5,130
Additions
\u2013
\u2013
\u2013
\u2013
493
1
494
Disposals
\u2013
\u2013
\u2013
\u2013
(69)
\u2013
(69)
Reclassifications
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Exchange movements
2
\u2013
\u2013
37
66
\u2013
105
Balance at 31 December 2024
598
451
253
1,630
2,652
75
5,659
Additions
\u2013
\u2013
\u2013
\u2013
535
\u2013
535
Disposals
\u2013
\u2013
\u2013
\u2013
(91)
\u2013
(91)
Exchange movements
(3)
\u2013
\u2013
(49)
(101)
(1)
(154)
31 December 2025
595
451
253
1,581
2,995
74
5,949
Amortisation and impairment
Balance at 1 January 2024
249
\u2013
\u2013
153
1,326
70
1,798
Amortisation charge for the year
\u2013
\u2013
\u2013
6
225
1
232
Impairment charge for the year
\u2013
\u2013
\u2013
\u2013
7
\u2013
7
Disposals
\u2013
\u2013
\u2013
\u2013
(63)
(1)
(64)
Exchange movements
\u2013
\u2013
\u2013
2
42
\u2013
44
Balance at 31 December 2024
249
\u2013
\u2013
161
1,537
70
2,017
Amortisation charge for the year
\u2013
\u2013
\u2013
6
309
1
316
Disposals
\u2013
\u2013
\u2013
\u2013
(90)
\u2013
(90)
Exchange movements
\u2013
\u2013
\u2013
(3)
(61)
\u2013
(64)
31 December 2025
249
\u2013
\u2013
164
1,695
71
2,179
Net book values
31 December 2025
346
451
253
1,417
1,300
3
3,770
31 December 2024
349
451
253
1,469
1,115
5
3,642
1 The net book value includes non-UK and non-EU based landing rights of \u20ac 51 million (2024 : \u20ac57 million) that have a definite life. The remaining
average life of these landing rights is 10 years.
b Impairment review
The carrying amounts of intangible assets with indefinite life and goodwill allocated to cash-generating units (CGUs) of the Group are:
\u20ac million
Goodwill
Brand
Customer
loyalty
programmes
Landing
rights
Total
2025
Iberia
1 January and 31 December 2025
\u2013
306
\u2013
423
729
British Airways
1 January 2025
49
\u2013
\u2013
833
882
Exchange movements
(3)
\u2013
\u2013
(46)
(49)
31 December 2025
46
\u2013
\u2013
787
833
Vueling
1 January and 31 December 2025
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2025
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2025
\u2013
\u2013
253
\u2013
253
31 December 2025
346
451
253
1,366
2,416
\u20ac million
Goodwill
Brand
Customer
loyalty
programmes
Landing
rights
Total
2024
Iberia
1 January and 31 December 2024
\u2013
306
\u2013
423
729
British Airways
1 January 2024
47
\u2013
\u2013
798
845
Exchange movements
2
\u2013
\u2013
35
37
31 December 2024
49
\u2013
\u2013
833
882
Vueling
1 January and 31 December 2024
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2024
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2024
\u2013
\u2013
253
\u2013
253
31 December 2024
349
451
253
1,412
2,465
Basis for calculating recoverable amounts
The recoverable amounts of the Group\u2019s CGUs have been measured based on their value in use, which utilises a weighted average
multi-scenario discounted cash flow model. The details of these scenarios are given in the Going concern section of note 2, with a
weighting of 70% to the Base Case and 30% to the Downside Case. Cash flow projections are based on the business plans approved
by the relevant operating companies covering a three-year period. Cash flows extrapolated beyond the three-year period are
projected to increase based on long-term growth rates. Cash flow projections are discounted using each CGU\u2019s pre-tax discount rate.
Annually, the relevant operating companies prepare and their respective boards approve three-year business plans, and the IAG
Board approves the Group three-year business plan in the fourth quarter of the year. Adjustments have been made to the final year
of the business plan cash flows to incorporate the impacts of climate change that the Group can reliably estimate at the balance
sheet date. However, given the long-term nature of the Group\u2019s sustainability commitments, there are other aspects of these
commitments that cannot be reliably estimated and, accordingly, have been excluded from the value in use calculations (see note 4).
The business plan cash flows used in the value in use calculations also reflect all restructuring of the business where relevant that has
been approved by the Board and which can be executed by management under existing labour agreements.
Key assumptions
The value in use calculations for each CGU reflect the wider economic and geopolitical environments, including updated projected
cash flows for activity from 2026 through to the end of 2028. For each of the Group\u2019s CGUs, the key assumptions used in the value
in use calculations are as follows:
2025
Per cent
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin1
12- 17
13- 16
7- 12
8- 14
19- 21
Average ASK growth per annum1
1- 9
3- 6
(2)- 5
0- 6
n/a
Long-term growth rate
1.9
1.7
0.8
1.7
1.6
Pre-tax discount rate
11.8
12.3
14.8
11.0
16.3
2024
Per cent
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin1
12- 16
11- 13
8- 10
8- 13
20-21
Average ASK growth per annum1
0- 8
2- 7
1- 8
2- 3
n/a
Long-term growth rate
1.8
1.4
1.0
1.3
1.6
Pre-tax discount rate
11.3
11.6
13.7
10.7
15.5
1 Operating margin and average ASK growth per annum are stated as the weighted average derived from the multi-scenario discounted cash flow model.
Jet fuel price ($ per MT)
Within 12
months
1-2 years
2-3 years
3 years and
thereafter
2025
694
680
682
685
2024
704
715
717
717
Forecast ASKs in the current year modelling represent the range of average annual increases in capacity over the forecast period,
based on planned committed network growth and taking into account management\u2019s expectation of the market.
The long-term growth rate is calculated for each CGU, considering a number of data points: (i) industry publications; (ii) forecast
weighted average exposure in each primary market using gross domestic product (GDP); and (iii) internal analysis regarding long-
term changes in consumer preferences and the effects on demand from the increased costs to the Group of climate change. The
calculation of the long-term growth rate utilises a Base Case and a Downside Case growth rate, which is then weighted on the same
basis as the cash flows detailed above of 70% to the Base Case and 30% to the Downside Case. The terminal value cash flows and
long-term growth rate incorporate the impacts of climate change insofar as they can be determined (see note 4). The airlines\u2019
network plans and the IAG Loyalty forecasts are reviewed annually as part of the three-year business plan preparation and reflect
management\u2019s plans in response to specific market risks or opportunities.
Pre-tax discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value
of money and underlying risks of its primary market. The discount rate calculations are based on the circumstances of the airline industry,
the loyalty scheme industry, the Group and the CGU. These rates are derived from the weighted average cost of capital (WACC). The
WACC takes into consideration both debt and equity available to airlines and loyalty schemes. The cost of equity is derived from the
expected return on investment by airline and loyalty scheme investors and the cost of debt is derived from both market data and industry
gearing levels derived from comparable companies. CGU-specific risk is incorporated by applying individual beta factors, which are
evaluated annually based on available market data. The pre-tax discount rate reflects the timing of future tax flows. The Group engages
an\u00a0external valuation expert as at the valuation date to assist in the determination of the post-tax discount rate.
Jet fuel price assumptions are derived from forward price curves in the fourth quarter of each year and sourced externally from
readily available market data at the valuation date. The cash flow forecasts reflect these prices after taking into consideration the
level of fuel derivatives and their associated prices that the Group has in place and the incremental price differentials expected
for\u00a0the purchase of\u00a0SAF.
As detailed above, the Group adjusts the final year of the three-year business plans to incorporate the medium-term impacts of
climate change from the Group\u2019s Flightpath Net Zero climate strategy through to 2035 (2024: through to 2030). These adjustments
include the following key assumptions: (i) an assumed price of \u20ac7,000 per metric tonne of SAF; (ii) for costs of carbon, prices of
\u20ac194, \u20ac194, \u20ac141 and \u20ac51 for EU ETS allowances, Swiss ETS allowances, UK ETS allowances and CORSIA allowances, respectively,
per\u00a0tonne of CO2 equivalents emitted; and (iii) the removal of all free ETS and CORSIA allowances.
Summary of results
At 31 December 2025 and 31 December 2024 management reviewed the recoverable amount of each of the CGUs and concluded
the recoverable amounts exceeded the carrying values.
For the British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty CGUs, the recoverable amounts are estimated to exceed the
carrying amounts by \u20ac11,374 million, \u20ac4,559 million, \u20ac1,272 million, \u20ac868 million and \u20ac3,032 million (2024: \u20ac17,647 million, \u20ac6,130 million,
\u20ac2,300 million, \u20ac1,490 million and \u20ac3,751 million), respectively.
Reasonably possible changes in key assumptions, both individually and in combination, have been considered for each CGU, where
applicable, which include reducing the operating margin by 2 percentage points in each year, reducing ASKs by 5 percentage points
in each year, reducing long-term growth rates in the terminal value calculation to zero, increasing pre-tax discount rates by 2.5 percentage
points and increasing the fuel price (both jet fuel and SAF) by 40%, with cost recovery consistent with that experienced historically.
Given the inherent uncertainty associated with the impact of climate change, these sensitivities represent a reasonably possible
impact of climate change on the CGUs greater than that included in the impairment models. For all reasonably possible changes
in\u00a0key assumptions, both individually and in combination, no impairment arises.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-767": { "value": "
17 Intangible assets and impairment review
a Intangible assets
\u20ac million
Goodwill
Brand
Customer
loyalty
programmes
Landing
rights1
Software
Other
Total
Cost
Balance at 1 January 2024
596
451
253
1,593
2,163
74
5,130
Additions
\u2013
\u2013
\u2013
\u2013
493
1
494
Disposals
\u2013
\u2013
\u2013
\u2013
(69)
\u2013
(69)
Reclassifications
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Exchange movements
2
\u2013
\u2013
37
66
\u2013
105
Balance at 31 December 2024
598
451
253
1,630
2,652
75
5,659
Additions
\u2013
\u2013
\u2013
\u2013
535
\u2013
535
Disposals
\u2013
\u2013
\u2013
\u2013
(91)
\u2013
(91)
Exchange movements
(3)
\u2013
\u2013
(49)
(101)
(1)
(154)
31 December 2025
595
451
253
1,581
2,995
74
5,949
Amortisation and impairment
Balance at 1 January 2024
249
\u2013
\u2013
153
1,326
70
1,798
Amortisation charge for the year
\u2013
\u2013
\u2013
6
225
1
232
Impairment charge for the year
\u2013
\u2013
\u2013
\u2013
7
\u2013
7
Disposals
\u2013
\u2013
\u2013
\u2013
(63)
(1)
(64)
Exchange movements
\u2013
\u2013
\u2013
2
42
\u2013
44
Balance at 31 December 2024
249
\u2013
\u2013
161
1,537
70
2,017
Amortisation charge for the year
\u2013
\u2013
\u2013
6
309
1
316
Disposals
\u2013
\u2013
\u2013
\u2013
(90)
\u2013
(90)
Exchange movements
\u2013
\u2013
\u2013
(3)
(61)
\u2013
(64)
31 December 2025
249
\u2013
\u2013
164
1,695
71
2,179
Net book values
31 December 2025
346
451
253
1,417
1,300
3
3,770
31 December 2024
349
451
253
1,469
1,115
5
3,642
1 The net book value includes non-UK and non-EU based landing rights of \u20ac 51 million (2024 : \u20ac57 million) that have a definite life. The remaining
average life of these landing rights is 10 years.
b Impairment review
The carrying amounts of intangible assets with indefinite life and goodwill allocated to cash-generating units (CGUs) of the Group are:
\u20ac million
Goodwill
Brand
Customer
loyalty
programmes
Landing
rights
Total
2025
Iberia
1 January and 31 December 2025
\u2013
306
\u2013
423
729
British Airways
1 January 2025
49
\u2013
\u2013
833
882
Exchange movements
(3)
\u2013
\u2013
(46)
(49)
31 December 2025
46
\u2013
\u2013
787
833
Vueling
1 January and 31 December 2025
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2025
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2025
\u2013
\u2013
253
\u2013
253
31 December 2025
346
451
253
1,366
2,416
\u20ac million
Goodwill
Brand
Customer
loyalty
programmes
Landing
rights
Total
2024
Iberia
1 January and 31 December 2024
\u2013
306
\u2013
423
729
British Airways
1 January 2024
47
\u2013
\u2013
798
845
Exchange movements
2
\u2013
\u2013
35
37
31 December 2024
49
\u2013
\u2013
833
882
Vueling
1 January and 31 December 2024
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2024
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2024
\u2013
\u2013
253
\u2013
253
31 December 2024
349
451
253
1,412
2,465
Basis for calculating recoverable amounts
The recoverable amounts of the Group\u2019s CGUs have been measured based on their value in use, which utilises a weighted average
multi-scenario discounted cash flow model. The details of these scenarios are given in the Going concern section of note 2, with a
weighting of 70% to the Base Case and 30% to the Downside Case. Cash flow projections are based on the business plans approved
by the relevant operating companies covering a three-year period. Cash flows extrapolated beyond the three-year period are
projected to increase based on long-term growth rates. Cash flow projections are discounted using each CGU\u2019s pre-tax discount rate.
Annually, the relevant operating companies prepare and their respective boards approve three-year business plans, and the IAG
Board approves the Group three-year business plan in the fourth quarter of the year. Adjustments have been made to the final year
of the business plan cash flows to incorporate the impacts of climate change that the Group can reliably estimate at the balance
sheet date. However, given the long-term nature of the Group\u2019s sustainability commitments, there are other aspects of these
commitments that cannot be reliably estimated and, accordingly, have been excluded from the value in use calculations (see note 4).
The business plan cash flows used in the value in use calculations also reflect all restructuring of the business where relevant that has
been approved by the Board and which can be executed by management under existing labour agreements.
Key assumptions
The value in use calculations for each CGU reflect the wider economic and geopolitical environments, including updated projected
cash flows for activity from 2026 through to the end of 2028. For each of the Group\u2019s CGUs, the key assumptions used in the value
in use calculations are as follows:
2025
Per cent
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin1
12- 17
13- 16
7- 12
8- 14
19- 21
Average ASK growth per annum1
1- 9
3- 6
(2)- 5
0- 6
n/a
Long-term growth rate
1.9
1.7
0.8
1.7
1.6
Pre-tax discount rate
11.8
12.3
14.8
11.0
16.3
2024
Per cent
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin1
12- 16
11- 13
8- 10
8- 13
20-21
Average ASK growth per annum1
0- 8
2- 7
1- 8
2- 3
n/a
Long-term growth rate
1.8
1.4
1.0
1.3
1.6
Pre-tax discount rate
11.3
11.6
13.7
10.7
15.5
1 Operating margin and average ASK growth per annum are stated as the weighted average derived from the multi-scenario discounted cash flow model.
Jet fuel price ($ per MT)
Within 12
months
1-2 years
2-3 years
3 years and
thereafter
2025
694
680
682
685
2024
704
715
717
717
Forecast ASKs in the current year modelling represent the range of average annual increases in capacity over the forecast period,
based on planned committed network growth and taking into account management\u2019s expectation of the market.
The long-term growth rate is calculated for each CGU, considering a number of data points: (i) industry publications; (ii) forecast
weighted average exposure in each primary market using gross domestic product (GDP); and (iii) internal analysis regarding long-
term changes in consumer preferences and the effects on demand from the increased costs to the Group of climate change. The
calculation of the long-term growth rate utilises a Base Case and a Downside Case growth rate, which is then weighted on the same
basis as the cash flows detailed above of 70% to the Base Case and 30% to the Downside Case. The terminal value cash flows and
long-term growth rate incorporate the impacts of climate change insofar as they can be determined (see note 4). The airlines\u2019
network plans and the IAG Loyalty forecasts are reviewed annually as part of the three-year business plan preparation and reflect
management\u2019s plans in response to specific market risks or opportunities.
Pre-tax discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value
of money and underlying risks of its primary market. The discount rate calculations are based on the circumstances of the airline industry,
the loyalty scheme industry, the Group and the CGU. These rates are derived from the weighted average cost of capital (WACC). The
WACC takes into consideration both debt and equity available to airlines and loyalty schemes. The cost of equity is derived from the
expected return on investment by airline and loyalty scheme investors and the cost of debt is derived from both market data and industry
gearing levels derived from comparable companies. CGU-specific risk is incorporated by applying individual beta factors, which are
evaluated annually based on available market data. The pre-tax discount rate reflects the timing of future tax flows. The Group engages
an\u00a0external valuation expert as at the valuation date to assist in the determination of the post-tax discount rate.
Jet fuel price assumptions are derived from forward price curves in the fourth quarter of each year and sourced externally from
readily available market data at the valuation date. The cash flow forecasts reflect these prices after taking into consideration the
level of fuel derivatives and their associated prices that the Group has in place and the incremental price differentials expected
for\u00a0the purchase of\u00a0SAF.
As detailed above, the Group adjusts the final year of the three-year business plans to incorporate the medium-term impacts of
climate change from the Group\u2019s Flightpath Net Zero climate strategy through to 2035 (2024: through to 2030). These adjustments
include the following key assumptions: (i) an assumed price of \u20ac7,000 per metric tonne of SAF; (ii) for costs of carbon, prices of
\u20ac194, \u20ac194, \u20ac141 and \u20ac51 for EU ETS allowances, Swiss ETS allowances, UK ETS allowances and CORSIA allowances, respectively,
per\u00a0tonne of CO2 equivalents emitted; and (iii) the removal of all free ETS and CORSIA allowances.
Summary of results
At 31 December 2025 and 31 December 2024 management reviewed the recoverable amount of each of the CGUs and concluded
the recoverable amounts exceeded the carrying values.
For the British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty CGUs, the recoverable amounts are estimated to exceed the
carrying amounts by \u20ac11,374 million, \u20ac4,559 million, \u20ac1,272 million, \u20ac868 million and \u20ac3,032 million (2024: \u20ac17,647 million, \u20ac6,130 million,
\u20ac2,300 million, \u20ac1,490 million and \u20ac3,751 million), respectively.
Reasonably possible changes in key assumptions, both individually and in combination, have been considered for each CGU, where
applicable, which include reducing the operating margin by 2 percentage points in each year, reducing ASKs by 5 percentage points
in each year, reducing long-term growth rates in the terminal value calculation to zero, increasing pre-tax discount rates by 2.5 percentage
points and increasing the fuel price (both jet fuel and SAF) by 40%, with cost recovery consistent with that experienced historically.
Given the inherent uncertainty associated with the impact of climate change, these sensitivities represent a reasonably possible
impact of climate change on the CGUs greater than that included in the impairment models. For all reasonably possible changes
in\u00a0key assumptions, both individually and in combination, no impairment arises.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-770": { "value": "
b Impairment review
The carrying amounts of intangible assets with indefinite life and goodwill allocated to cash-generating units (CGUs) of the Group are:
\u20ac million
Goodwill
Brand
Customer
loyalty
programmes
Landing
rights
Total
2025
Iberia
1 January and 31 December 2025
\u2013
306
\u2013
423
729
British Airways
1 January 2025
49
\u2013
\u2013
833
882
Exchange movements
(3)
\u2013
\u2013
(46)
(49)
31 December 2025
46
\u2013
\u2013
787
833
Vueling
1 January and 31 December 2025
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2025
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2025
\u2013
\u2013
253
\u2013
253
31 December 2025
346
451
253
1,366
2,416
\u20ac million
Goodwill
Brand
Customer
loyalty
programmes
Landing
rights
Total
2024
Iberia
1 January and 31 December 2024
\u2013
306
\u2013
423
729
British Airways
1 January 2024
47
\u2013
\u2013
798
845
Exchange movements
2
\u2013
\u2013
35
37
31 December 2024
49
\u2013
\u2013
833
882
Vueling
1 January and 31 December 2024
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2024
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2024
\u2013
\u2013
253
\u2013
253
31 December 2024
349
451
253
1,412
2,465
Basis for calculating recoverable amounts
The recoverable amounts of the Group\u2019s CGUs have been measured based on their value in use, which utilises a weighted average
multi-scenario discounted cash flow model. The details of these scenarios are given in the Going concern section of note 2, with a
weighting of 70% to the Base Case and 30% to the Downside Case. Cash flow projections are based on the business plans approved
by the relevant operating companies covering a three-year period. Cash flows extrapolated beyond the three-year period are
projected to increase based on long-term growth rates. Cash flow projections are discounted using each CGU\u2019s pre-tax discount rate.
Annually, the relevant operating companies prepare and their respective boards approve three-year business plans, and the IAG
Board approves the Group three-year business plan in the fourth quarter of the year. Adjustments have been made to the final year
of the business plan cash flows to incorporate the impacts of climate change that the Group can reliably estimate at the balance
sheet date. However, given the long-term nature of the Group\u2019s sustainability commitments, there are other aspects of these
commitments that cannot be reliably estimated and, accordingly, have been excluded from the value in use calculations (see note 4).
The business plan cash flows used in the value in use calculations also reflect all restructuring of the business where relevant that has
been approved by the Board and which can be executed by management under existing labour agreements.
Key assumptions
The value in use calculations for each CGU reflect the wider economic and geopolitical environments, including updated projected
cash flows for activity from 2026 through to the end of 2028. For each of the Group\u2019s CGUs, the key assumptions used in the value
in use calculations are as follows:
2025
Per cent
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin1
12- 17
13- 16
7- 12
8- 14
19- 21
Average ASK growth per annum1
1- 9
3- 6
(2)- 5
0- 6
n/a
Long-term growth rate
1.9
1.7
0.8
1.7
1.6
Pre-tax discount rate
11.8
12.3
14.8
11.0
16.3
2024
Per cent
British
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin1
12- 16
11- 13
8- 10
8- 13
20-21
Average ASK growth per annum1
0- 8
2- 7
1- 8
2- 3
n/a
Long-term growth rate
1.8
1.4
1.0
1.3
1.6
Pre-tax discount rate
11.3
11.6
13.7
10.7
15.5
1 Operating margin and average ASK growth per annum are stated as the weighted average derived from the multi-scenario discounted cash flow model.
Jet fuel price ($ per MT)
Within 12
months
1-2 years
2-3 years
3 years and
thereafter
2025
694
680
682
685
2024
704
715
717
717
Forecast ASKs in the current year modelling represent the range of average annual increases in capacity over the forecast period,
based on planned committed network growth and taking into account management\u2019s expectation of the market.
The long-term growth rate is calculated for each CGU, considering a number of data points: (i) industry publications; (ii) forecast
weighted average exposure in each primary market using gross domestic product (GDP); and (iii) internal analysis regarding long-
term changes in consumer preferences and the effects on demand from the increased costs to the Group of climate change. The
calculation of the long-term growth rate utilises a Base Case and a Downside Case growth rate, which is then weighted on the same
basis as the cash flows detailed above of 70% to the Base Case and 30% to the Downside Case. The terminal value cash flows and
long-term growth rate incorporate the impacts of climate change insofar as they can be determined (see note 4). The airlines\u2019
network plans and the IAG Loyalty forecasts are reviewed annually as part of the three-year business plan preparation and reflect
management\u2019s plans in response to specific market risks or opportunities.
Pre-tax discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value
of money and underlying risks of its primary market. The discount rate calculations are based on the circumstances of the airline industry,
the loyalty scheme industry, the Group and the CGU. These rates are derived from the weighted average cost of capital (WACC). The
WACC takes into consideration both debt and equity available to airlines and loyalty schemes. The cost of equity is derived from the
expected return on investment by airline and loyalty scheme investors and the cost of debt is derived from both market data and industry
gearing levels derived from comparable companies. CGU-specific risk is incorporated by applying individual beta factors, which are
evaluated annually based on available market data. The pre-tax discount rate reflects the timing of future tax flows. The Group engages
an\u00a0external valuation expert as at the valuation date to assist in the determination of the post-tax discount rate.
Jet fuel price assumptions are derived from forward price curves in the fourth quarter of each year and sourced externally from
readily available market data at the valuation date. The cash flow forecasts reflect these prices after taking into consideration the
level of fuel derivatives and their associated prices that the Group has in place and the incremental price differentials expected
for\u00a0the purchase of\u00a0SAF.
As detailed above, the Group adjusts the final year of the three-year business plans to incorporate the medium-term impacts of
climate change from the Group\u2019s Flightpath Net Zero climate strategy through to 2035 (2024: through to 2030). These adjustments
include the following key assumptions: (i) an assumed price of \u20ac7,000 per metric tonne of SAF; (ii) for costs of carbon, prices of
\u20ac194, \u20ac194, \u20ac141 and \u20ac51 for EU ETS allowances, Swiss ETS allowances, UK ETS allowances and CORSIA allowances, respectively,
per\u00a0tonne of CO2 equivalents emitted; and (iii) the removal of all free ETS and CORSIA allowances.
Summary of results
At 31 December 2025 and 31 December 2024 management reviewed the recoverable amount of each of the CGUs and concluded
the recoverable amounts exceeded the carrying values.
For the British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty CGUs, the recoverable amounts are estimated to exceed the
carrying amounts by \u20ac11,374 million, \u20ac4,559 million, \u20ac1,272 million, \u20ac868 million and \u20ac3,032 million (2024: \u20ac17,647 million, \u20ac6,130 million,
\u20ac2,300 million, \u20ac1,490 million and \u20ac3,751 million), respectively.
Reasonably possible changes in key assumptions, both individually and in combination, have been considered for each CGU, where
applicable, which include reducing the operating margin by 2 percentage points in each year, reducing ASKs by 5 percentage points
in each year, reducing long-term growth rates in the terminal value calculation to zero, increasing pre-tax discount rates by 2.5 percentage
points and increasing the fuel price (both jet fuel and SAF) by 40%, with cost recovery consistent with that experienced historically.
Given the inherent uncertainty associated with the impact of climate change, these sensitivities represent a reasonably possible
impact of climate change on the CGUs greater than that included in the impairment models. For all reasonably possible changes
in\u00a0key assumptions, both individually and in combination, no impairment arises.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-771": { "value": "
18 Investments
b Investments in associates and joint ventures
The share of assets, liabilities, revenue and profit of the Group\u2019s associates and joint ventures, which are included in the Group\u2019s
financial statements, are as follows:
\u20ac million
2025
2024
Total assets
156
166
Total liabilities
(137)
(127)
Revenue
89
96
Profit for the year
3
\u2013
The detail of the movement in investment in associates and joint ventures is shown as follows:
\u20ac million
2025
2024
At beginning of year
44
47
Additions
\u2013
1
Share of retained profits
3
\u2013
Dividends received
(5)
(5)
Exchange movements
(1)
1
41
44
At 31 December 2025 there are no restrictions on the ability of associates or joint ventures to transfer funds to the parent, and there
are no related contingent liabilities.
At both 31 December 2025 and 31 December 2024, the investment in Sociedad Conjunta para la Emisi\u00f3n y Gesti\u00f3n de Medios
de\u00a0Pago EFC, S.A. exceeded 50% ownership by the Group (50.5%). The entity is treated as a joint venture as decisions regarding
its\u00a0strategy and operations require the unanimous consent of the parties who share control, including IAG.
Other equity investments
The Group\u2019s principal other equity investments are as follows:
Name and registered address
Country of
incorporation
Percentage of
equity owned
Currency
Shareholder\u2019s
funds
(million)
Profit/(loss)
before tax
(million)
Air Europa Holdings S.L. 1
Carretera Arenal \u2013 Llucmajor, km 21.5, Llucmajor, 07620
Spain
20%
\u20ac
117
4
Servicios de Instrucci\u00f3n de Vuelo, S.L.
El Caser\u00edo, Iberia Zona Industrial 2 (La Mu\u00f1oza), Camino de la
Mu\u00f1oza s/n, Madrid, 28042
Spain
19.9%
\u20ac
74
1
The Airline Group Limited
4000 Parkway, Whiteley, Fareham, Hampshire, PO15 7FL
England
16.7%
\u00a3
287
80
Travel Quinto Centenario, S.A.
Calle Alemanes 3, Sevilla, 41004
Spain
10%
\u20ac
\u2013
\u2013
Nova Pangaea (Holdings) Limited
Lealholme Building, Wilton International, Middlesbrough,
Teesside, TS10 4RG
England
8.9%
\u00a3
(7)
(7)
i6 Group Limited
Farnborough Airport, Ively Road, Farnborough, Hampshire,
GU14 6XA
England
6.6%
\u00a3
(2)
(2)
NAYAKJV1, SL
Carrer d'Osona 2, El Prat de Llobregat, 08820
Spain
5.0%
\u20ac
1
\u2013
1 The Shareholder\u2019s funds and result before tax of Air Europa Holdings S.L. represent the data for the year to 31 December 2024 and are prepared
under Spanish GAAP. The Group does not have access to financial information other than that reported in the statutory financial statements of the
company, which are published subsequent to the authorisation of these consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-772": { "value": "
a Investments in subsidiaries
The Group\u2019s subsidiaries at 31 December 2025 are listed in the Group investments section.
All subsidiary undertakings are included in the consolidation. The proportion of voting rights in the subsidiary undertakings held
directly does not differ from the proportion of ordinary shares held. There have been no significant changes in ownership interests of
subsidiaries during the year.
The total non-controlling interest at 31 December 2025 is \u20ac6 million (2024: \u20ac6 million).
Subsidiaries
British Airways
Name and registered address
Principal activity
Country of
incorporation
Percentage of
equity owned
BA and AA Holdings Limited*
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Holding company
England
100%
BA Call Centre India Private Limited (callBA)
F-42, East of Kailash, New Delhi, 110065
Call centre
India
100%
BA Cityflyer Limited*
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Airline operations
England
100%
BA Euroflyer Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Airline operations
England
100%
BA European Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Holding company
England
100%
BA Excepted Group Life Scheme Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Insurance
England
100%
BA Healthcare Trust Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Dormant
England
100%
BA Holdco Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Dormant
England
100%
BA Number One Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Holding company
England
100%
BA Number Two Limited
IFC 5, St Helier, JE1 1ST
Holding company
Jersey
100%
Bealine Plc
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Dormant
England
100%
BritAir Holdings Limited*
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Holding company
England
100%
British Airways (BA) Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Dormant
England
100%
British Airways 777 Leasing Limited*
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Aircraft leasing
England
100%
British Airways Associated Companies Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Holding company
England
100%
British Airways Avionic Engineering Limited*
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Aircraft maintenance
England
100%
British Airways Capital Limited
Queensway House, Hilgrove Street, St Helier, JE1 1ES
Aircraft financing
Jersey
100%
British Airways Engineering Wales Limited*
(Formerly: British Airways Maintenance Cardiff Limited)
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Aircraft maintenance
England
100%
British Airways Holdings B.V.
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Holding company
Netherlands
100%
British Airways Interior Engineering Limited*
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Aircraft maintenance
England
100%
British Airways Leasing Limited*
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Aircraft leasing
England
100%
British Airways Pension Trustees (No 2) Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Trustee company
England
100%
British Midland Airways Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Dormant
England
100%
British Midland Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Holding company
England
100%
Gatwick Ground Services Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Ground services
England
100%
Speedbird Insurance Company Limited*
Canon\u2019s Court, 22 Victoria Street, Hamilton, HM 12
Insurance
Bermuda
100%
British Airways Engineering Gatwick Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Aircraft maintenance
England
100%
Avios Group (AGL) Limited*
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Management of airline
loyalty reward currency
England
86% 1
Iberia
Name and registered address
Principal activity
Country of
incorporation
Percentage of
equity owned
Compa\u00f1\u00eda Operadora de Corto y Medio Radio Iberia Express, S.A.*
Calle Alca\u00f1iz 23, Madrid, 28006
Airline operations
Spain
100%
Compa\u00f1\u00eda Explotaci\u00f3n Aviones Cargueros Cargosur, S.A.
Calle Mart\u00ednez Villergas 49, Madrid, 28027
Cargo transport
Spain
100%
Iberia L\u00edneas A\u00e9reas de M\u00e9xico, S.A.C.V.
Xochicalco 174, Col. Narvarte, Alcald\u00eda Benito Ju\u00e1rez,
Mexico City, 03020
Aircraft technical
assistance
Mexico
100%
Iberia L\u00edneas A\u00e9reas de Espa\u00f1a, S.A. Operadora*
Calle Mart\u00ednez Villergas 49, Madrid, 28027
Airline operations and
maintenance
Spain
100% 2
Iberia Operadora UK Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Holding company
England
100% 1
Iberia Tecnolog\u00eda, S.A.*
Calle Mart\u00ednez Villergas 49, Madrid, 28027
Aircraft maintenance
Spain
100%
South Europe Ground Services, S.L.
Avenida de la Hispanidad 6, Madrid, 28042
Ground-handling services
Spain
100%
Iberia LAE Solutions, S.L.
Edificio de Mandos (236B), Iberia Zona Industrial n\u00ba 2 (La Mu\u00f1oza),
Camino de La Mu\u00f1oza, s/n, Madrid, 28042
IT support services
Spain
100%
Iberia Desarrollo Barcelona, S.L.*
Avenida de les Garrigues 38-44, Edificio B,
El Prat de Llobregat, Barcelona, 08220
Airport infrastructure
development
Spain
75%
Fly Level Barcelona LH, S.L.
Calle Catalunya 83, Viladecans, Barcelona, 08840
Airline operations
Spain
50%
Avios Group (AGL) Limited*
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Management of airline
loyalty reward currency
England
14% 1
Aer Lingus
Name and registered address
Principal activity
Country of
incorporation
Percentage of
equity owned
Aer Lingus (Ireland) Limited
Dublin Airport, Dublin
Provision of human resources
support to fellow Group companies
Republic of
Ireland
100%
Aer Lingus 2009 DCS Trustee Limited
Dublin Airport, Dublin
Trustee
Republic of
Ireland
100%
Aer Lingus Beachey Limited
Penthouse Suite, Analyst House, Peel Road, Douglas, IM1 4LZ
Dormant
Isle of Man
100%
Aer Lingus Group DAC*
Dublin Airport, Dublin
Holding company
Republic of
Ireland
100% 3
Aer Lingus Limited*
Dublin Airport, Dublin
Airline operations
Republic of
Ireland
100%
Aer Lingus (UK) Limited
Victoria House, 15-17 Gloucester Street, Belfast, BT1 4LS
Airline operations
Northern
Ireland
100%
ALG Trustee Limited
33-37 Athol Street, Douglas, IM1 1LB
Trustee
Isle of Man
100%
Dirnan Insurance Company Limited
Canon\u2019s Court, 22 Victoria Street, Hamilton, HM 12
Insurance
Bermuda
100%
Santain Developments Limited
Dublin Airport, Dublin
Dormant
Republic of
Ireland
100%
IAG Loyalty
Name and registered address
Principal activity
Country of
incorporation
Percentage of
equity owned
IAG Loyalty Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Dormant
England
100%
IAG Loyalty Retail Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Retail services
England
100%
British Airways Holidays Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Tour operator
England
100%
Overseas Air Travel Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Flight procurement
England
100%
IAG Cargo
Name and registered address
Principal activity
Country of
incorporation
Percentage of
equity owned
Cargo Innovations Limited
Carrus Cargo Centre, PO Box 99, Sealand Road, London Heathrow Airport,
Hounslow, Middlesex, TW6 2JS
Dormant
England
100%
Vueling
Name and registered address
Principal activity
Country of
incorporation
Percentage of
equity owned
Yellow Handling, S.L.U.
Calle Catalunya 83, Viladecans, Barcelona, 08840
Ground-handling
services
Spain
100%
LEVEL
Name and registered address
Principal activity
Country of
incorporation
Percentage of
equity owned
Fly Level UK Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Dormant
England
100%
OpenSkies SASU
3 Rue le Corbusier, Rungis, 94150
Airline operations
France
100%
International Consolidated Airlines Group, S.A.
Name and registered address
Principal activity
Country of
incorporation
Percentage of
equity owned
AERL Holding Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Holding company
England
100%
British Airways plc*
Waterside, PO Box 365, Harmondsworth, UB7 0GB
Airline operations
England
100% 4
Fly Level Barcelona LH, S.L.
Calle Catalunya 83, Viladecans, Barcelona, 08840
Airline operations
Spain
100% 5
Fly Level, S.L.
El Caser\u00edo, Iberia Zona Industrial 2 (La Mu\u00f1oza), Camino de la
Mu\u00f1oza s/n, Madrid, 28042
Airline operations
Spain
100%
IAG Cargo Limited*
Carrus Cargo Centre, PO Box 99, Sealand Road, London Heathrow
Airport, Hounslow, TW6 2JS
Air freight operations
England
100%
IAG Connect Limited
Waterside, PO Box 365, Harmondsworth, UB7 0GB
In-flight ecommerce platform
Republic of
Ireland
100%
IAG Transform Limited*
(Formerly: IAG GBS Limited)
Waterside, PO Box 365, Harmondsworth, UB7 0GB
IT, finance, procurement services
England
100%
IAG GBS Poland sp z.o.o.*
Ul. Opolska 114, Krakow, 31-323
IT, finance, procurement services
Poland
100%
IB Opco Holding, S.L.
Calle Mart\u00ednez Villergas 49, Madrid, 28027
Holding company
Spain
100% 2
Vueling Airlines, S.A.*
Calle Catalunya 83, Viladecans, Barcelona, 08840
Airline operations
Spain
99.5%6
*Principal subsidiaries
1 The Group holds 100% of both the nominal share capital and economic rights in Avios Group (AGL) Limited, held directly by British Airways plc,
which owns 86 %, and Iberia Operadora UK Limited, which owns 14%.
2 The Group holds 49.9% of both the total nominal share capital and the total number of voting rights in IB Opco Holding, S.L. (and thus, indirectly,
in\u00a0Iberia L\u00edneas A\u00e9reas de Espa\u00f1a, S.A. Operadora), such stake having almost 100% of the economic rights in these companies. The remaining shares,
representing 50.1% of the total\u00a0nominal share capital and the total number of voting rights, belong to a Spanish company incorporated for the
purposes of implementing the Iberia nationality\u00a0structure.
3 The Group holds 49.75% of the total number of voting rights and the majority of the economic rights in Aer Lingus Group DAC. The remaining voting
rights, representing 50.25%, correspond to a trust established for implementing the Aer Lingus nationality structure.
4 The Group holds 49.9% of the total number of voting rights and 99.65% of the total nominal share capital in British Airways plc, such stake having
almost 100% of the economic rights. The remaining nominal share capital and voting rights, representing 0.35% and 50.1% respectively, are held
by\u00a0a\u00a0trust established for the purposes of implementing the British Airways nationality structure.
5 The Group holds 100% of both the nominal share capital and economic rights in Fly Level Barcelona LH, S.L., held directly by Iberia, which owns
50.1%,\u00a0and the Company, which owns 49.9%.
6 The Group holds 99.5% of both the nominal share capital and economic rights in Vueling Airlines, S.A., held directly by Iberia, which owns 50.1%,
and\u00a0the Company, which owns 49.4%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-773": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-774": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-776": { "value": "
b Investments in associates and joint ventures
The share of assets, liabilities, revenue and profit of the Group\u2019s associates and joint ventures, which are included in the Group\u2019s
financial statements, are as follows:
\u20ac million
2025
2024
Total assets
156
166
Total liabilities
(137)
(127)
Revenue
89
96
Profit for the year
3
\u2013
The detail of the movement in investment in associates and joint ventures is shown as follows:
\u20ac million
2025
2024
At beginning of year
44
47
Additions
\u2013
1
Share of retained profits
3
\u2013
Dividends received
(5)
(5)
Exchange movements
(1)
1
41
44
At 31 December 2025 there are no restrictions on the ability of associates or joint ventures to transfer funds to the parent, and there
are no related contingent liabilities.
At both 31 December 2025 and 31 December 2024, the investment in Sociedad Conjunta para la Emisi\u00f3n y Gesti\u00f3n de Medios
de\u00a0Pago EFC, S.A. exceeded 50% ownership by the Group (50.5%). The entity is treated as a joint venture as decisions regarding
its\u00a0strategy and operations require the unanimous consent of the parties who share control, including IAG.
Joint ventures
Name and registered address
Country of
incorporation
Percentage of
equity owned
Sociedad Conjunta para la Emisi\u00f3n y Gesti\u00f3n de Medios de Pago EFC, S.A.
Edificio Los Cubos, Calle Albacete 5, 9\u00aa planta, Madrid, 28027
Spain
50.5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-775": { "value": "
b Investments in associates and joint ventures
The share of assets, liabilities, revenue and profit of the Group\u2019s associates and joint ventures, which are included in the Group\u2019s
financial statements, are as follows:
\u20ac million
2025
2024
Total assets
156
166
Total liabilities
(137)
(127)
Revenue
89
96
Profit for the year
3
\u2013
The detail of the movement in investment in associates and joint ventures is shown as follows:
\u20ac million
2025
2024
At beginning of year
44
47
Additions
\u2013
1
Share of retained profits
3
\u2013
Dividends received
(5)
(5)
Exchange movements
(1)
1
41
44
At 31 December 2025 there are no restrictions on the ability of associates or joint ventures to transfer funds to the parent, and there
are no related contingent liabilities.
At both 31 December 2025 and 31 December 2024, the investment in Sociedad Conjunta para la Emisi\u00f3n y Gesti\u00f3n de Medios
de\u00a0Pago EFC, S.A. exceeded 50% ownership by the Group (50.5%). The entity is treated as a joint venture as decisions regarding
its\u00a0strategy and operations require the unanimous consent of the parties who share control, including IAG.
Associates
Name and registered address
Country of
incorporation
Percentage of
equity owned
Empresa Hispano Cubana de Mantenimiento de Aeronaves, Ibeca, S.A.
Carretera Aerocaribbean y Final, Terminal No 5
Jose Mart\u00ed Airport, Wajay, Municipio Boyeros, Havana
Cuba
50%
Empresa Log\u00edstica de Carga A\u00e9rea, S.A.
Carretera de Wajay km 1 \u00bd, Jose Mart\u00ed Airport, Havana
Cuba
50%
Multiservicios Aeroportuarios, S.A.
Avenida de Manoteras 46, 2\u00aa planta, Madrid, 28050
Spain
49%
Dunwoody Airline Services Limited
Building 552, Shoreham Road East, London Heathrow Airport, Hounslow, TW6 3UA
England
40%
Serpista, S.A.
Calle Cardenal Marcelo Sp\u00ednola 10, Madrid, 28016
Spain
39%
Air Miles Espa\u00f1a, S.A.
Avenida de Bruselas 20, Alcobendas, Madrid, 28108
Spain
30%
Inloyalty by Travel Club, S.L.U.
Avenida de Bruselas 20, Alcobendas, Madrid, 28108
Spain
30%
Viajes Ame, S.A.U.
Avenida de Bruselas 20, Alcobendas, Madrid, 28108
Spain
30%
LanzaJet Inc.
520 Lake Cook Road, Suite 680, Deerfield, Illinois, 60015
USA
9.7%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-777": { "value": "
19 Other equity investments
Other equity investments include the following:
\u20ac million
2025
2024
Unlisted securities
298
190
298
190
The credit relating to Other equity investments was \u20ac13 million (2024: credit of \u20ac7 million).
Investment in Air Europa Holdings
On 15 June 2022, the Group entered into a financing arrangement with Globalia Corporaci\u00f3n Empresarial, S.A. (\u2018Globalia\u2019), whereby
the Group provided a \u20ac100 million seven-year unsecured loan, which was convertible for a period of two years from inception into
a\u00a0fixed number of the shares of Air Europa Holdings, a wholly owned subsidiary of Globalia. Subsequently, on 16 August 2022, the
Group exercised its exchange option with Globalia and converted the aforementioned loan into an investment in 20% of the share
capital of Air Europa Holdings, which is recorded as an Other equity investment.
On 12 September 2025, the Group entered into an agreement with Globalia, that subsequent to Air Europa Holdings undertaking
a\u00a0share capital increase, the Group would acquire a further 93,377 shares of Air Europa Holdings for \u20ac55 million in order to maintain
its 20% holding in the share capital of Air Europa Holdings.
Concurrent with the Group entering into an agreement with Globalia to acquire a further 93,377 shares in Air Europa Holdings,
Globalia entered into an agreement to sell a minority interest in Air Europa Holdings to a third party. Accordingly, the Group
determined the fair value of the investment in Air Europa Holdings at 31 December 2025 using the price arising from the
aforementioned transaction, adjusted for observable market movements (31 December 2024: market comparison approach).
There\u00a0were no significant unobservable inputs applied in the valuation.
At 31 December 2025, the fair value of the investment in Air Europa Holdings was \u20ac223 million, representing an increase of
\u20ac 84\u00a0million from the \u20ac139 million recorded at 31 December 2024, with the fair value movement of \u20ac29 million having been recorded
within Other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-780": { "value": "
20 Trade and other receivables
\u20ac million
2025
2024
Amounts falling due within one year
Trade receivables
1,448
1,885
Provision for expected credit loss
(104)
(111)
Net trade receivables
1,344
1,774
Prepayments
951
887
Accrued income1
423
511
Carbon-related assets2
321
323
Other non-trade receivables
633
615
Carbon-related and other current assets
2,328
2,336
Amounts falling due after one year
Prepayments
531
515
Accrued income1
8
10
Carbon-related assets2
435
275
Other non-trade receivables3
553
116
Carbon-related and other assets due after one year
1,527
916
1 The accrued income balance (representing contract assets) predominantly relates to revenue earned from ongoing maintenance and overhaul
services, where the balances vary depending on the number of ongoing activities at the balance sheet date.
2 The disaggregation of Carbon-related assets by underlying scheme is presented in note 4f.
3 Other non-trade receivables predominantly includes an amount of \u20ac507 million (2024: \u20ac88 million) associated with the IAG Loyalty VAT matter
referred to in note 10g.
Movements in the provision for expected credit loss were as follows:
\u20ac million
2025
2024
At beginning of year
111
114
Provided during the year
6
6
Released during the year
(4)
(4)
Receivables written off during the year
(6)
(7)
Exchange movements
(3)
2
104
111
Trade receivables are generally non-interest-bearing and on 30-day terms (2024: 30 days).
The credit risk exposure on the Group\u2019s trade receivables is set out below:
31 December 2025
\u20ac million
Current
<30 days
30-180 days
180-365 days
>365 days
Trade receivables
819
366
99
54
110
Expected credit loss rate (%)
0.1%
0.1%
4.0%
7.4%
87.3%
Provision for expected credit loss
\u2013
\u2013
4
4
96
31 December 2024
\u20ac million
Current
<30 days
30-180 days
180-365 days
>365 days
Trade receivables
1,224
188
284
49
140
Expected credit loss rate (%)
0.1%
0.1%
0.7%
6.1%
75.7%
Provision for expected credit loss
\u2013
\u2013
2
3
106
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-779": { "value": "
20 Trade and other receivables
\u20ac million
2025
2024
Amounts falling due within one year
Trade receivables
1,448
1,885
Provision for expected credit loss
(104)
(111)
Net trade receivables
1,344
1,774
Prepayments
951
887
Accrued income1
423
511
Carbon-related assets2
321
323
Other non-trade receivables
633
615
Carbon-related and other current assets
2,328
2,336
Amounts falling due after one year
Prepayments
531
515
Accrued income1
8
10
Carbon-related assets2
435
275
Other non-trade receivables3
553
116
Carbon-related and other assets due after one year
1,527
916
1 The accrued income balance (representing contract assets) predominantly relates to revenue earned from ongoing maintenance and overhaul
services, where the balances vary depending on the number of ongoing activities at the balance sheet date.
2 The disaggregation of Carbon-related assets by underlying scheme is presented in note 4f.
3 Other non-trade receivables predominantly includes an amount of \u20ac507 million (2024: \u20ac88 million) associated with the IAG Loyalty VAT matter
referred to in note 10g.
Movements in the provision for expected credit loss were as follows:
\u20ac million
2025
2024
At beginning of year
111
114
Provided during the year
6
6
Released during the year
(4)
(4)
Receivables written off during the year
(6)
(7)
Exchange movements
(3)
2
104
111
Trade receivables are generally non-interest-bearing and on 30-day terms (2024: 30 days).
The credit risk exposure on the Group\u2019s trade receivables is set out below:
31 December 2025
\u20ac million
Current
<30 days
30-180 days
180-365 days
>365 days
Trade receivables
819
366
99
54
110
Expected credit loss rate (%)
0.1%
0.1%
4.0%
7.4%
87.3%
Provision for expected credit loss
\u2013
\u2013
4
4
96
31 December 2024
\u20ac million
Current
<30 days
30-180 days
180-365 days
>365 days
Trade receivables
1,224
188
284
49
140
Expected credit loss rate (%)
0.1%
0.1%
0.7%
6.1%
75.7%
Provision for expected credit loss
\u2013
\u2013
2
3
106
22 Cash, cash equivalents and other current interest-bearing deposits
a Cash
\u20ac million
2025
2024
Cash at bank and in hand
3,013
2,975
Short-term deposits maturing within three months
4,408
5,214
Cash and cash equivalents
7,421
8,189
Current interest-bearing deposits maturing after three months
898
1,639
Cash, cash equivalents and other interest-bearing deposits
8,319
9,828
Cash at bank is primarily held in AAA money market funds and bank deposits. Short-term deposits are for periods up to three
months and earn interest based on the floating deposit rates.
At 31 December 2025, the Group had no outstanding bank overdrafts ( 2024: \u20acnil).
Current interest-bearing deposits have maturities in excess of three months and typically within 12 months of the balance sheet date,
and earn interest based on the market rates available at the time the deposit was made.
At 31 December 2025 , Aer Lingus held \u20ac 29 million of restricted cash (2024: \u20ac29 million) in interest-bearing deposits maturing after
more than three months to be used for employee-related obligations.
b Net debt
Movements in net debt were as follows:
\u20ac million
Balance at 1
January 2025
Cash flows
Exchange
movements
New leases
and
modifications
Fair value
movements1
Other items 1
Balance at 31
December
2025
Bank and other loans, convertible
bonds and asset financed liabilities
8,699
(1,162)
(491)
\u2013
213
13
7,272
Lease liabilities
8,646
(1,344)
(854)
543
\u2013
4
6,995
Cash and cash equivalents
(8,189)
594
174
\u2013
\u2013
\u2013
(7,421)
Current interest-bearing deposits
(1,639)
712
29
\u2013
\u2013
\u2013
(898)
7,517
(1,200)
(1,142)
543
213
17
5,948
\u20ac million
Balance at 1
January 2024
Cash flows
Exchange
movements
New leases
and
modifications
Fair value
movements1
Other items 1
Balance at 31
December
2024
Bank and other loans, convertible
bonds and asset financed liabilities
7,115
1,064
217
\u2013
280
23
8,699
Lease liabilities
8,967
(1,737)
422
988
\u2013
6
8,646
Cash and cash equivalents
(5,441)
(2,695)
(53)
\u2013
\u2013
\u2013
(8,189)
Current interest-bearing deposits
(1,396)
(215)
(28)
\u2013
\u2013
\u2013
(1,639)
9,245
(3,583)
558
988
280
29
7,517
1 During the year to 31 December 2025, the Group has presented the fair value movements on the convertible bonds separately within Fair value
movements, which were previously included within Other items. Accordingly figures for the comparative year to 31 December 2024 have been
reclassified to conform with the current year presentation. Further information on the convertible bonds 2028 is given in note 26b.
23 Trade and other payables
\u20ac million
2025
2024
Trade creditors
2,905
3,350
Other creditors
1,466
1,481
Other taxation and social security
348
280
Accruals
792
847
Deferred income relating to non-flight activity
210
191
5,721
6,149
Average payment days to suppliers \u2013 Spanish Group companies
Days
2025
2024
Average payment days for payment to suppliers
23
25
Ratio of transactions paid
22
26
Ratio of transactions outstanding for payment
23
19
\u20ac million
2025
2024
Total payments made
10,581
9,606
Total payments outstanding
301
152
Information on invoices paid in a period shorter than the maximum period established in the late payment regulations \u2013 Spanish
Group companies
2025
2024
Total payments made (\u20ac million)
9,803
8,523
Percentage share of total payments to suppliers
93%
89%
Number of invoices paid (thousand)
246
218
Percentage share of total number of invoices paid
81%
77%
25 Other long-term liabilities
\u20ac million
2025
2024
Non-current other creditors
337
343
Accruals and deferred income
58
58
395
401
26 Long-term borrowings
a Total borrowings
2025
2024
\u20ac million
Current
Non-current
Total
Current
Non-current
Total
Bank and other loans
57
692
749
601
1,294
1,895
Convertible bonds
1,229
\u2013
1,229
1,016
\u2013
1,016
Asset financed liabilities
363
4,931
5,294
381
5,407
5,788
Lease liabilities
1,397
5,598
6,995
1,477
7,169
8,646
Interest-bearing long-term borrowings
3,046
11,221
14,267
3,475
13,870
17,345
Long-term borrowings of the Group amounting to \u20ac5,334 million (31 December 2024 : \u20ac5,853 million) are secured on owned fleet
assets with a net book value of \u20ac 5,476 million (31 December 2024: \u20ac5,958 million). All asset financed liabilities, which are included
in\u00a0long-term borrowings, are secured on the associated aircraft or other property, plant and equipment.
b Bank loans, other loans and convertible bonds
\u20ac million
2025
2024
\u20ac825 million fixed rate 1.125% convertible bonds 2028 1
1,229
1,016
\u20ac500 million fixed rate 3.352% unsecured bonds 2030 2
502
\u2013
\u20ac500 million fixed rate 1.50% bonds 2027 3
133
501
Fixed rate secured bonds 4
56
56
Floating rate euro mortgage loans secured on aircraft5
41
66
Fixed rate unsecured euro loans with the Spanish State (Department of Industry) 6
9
9
Fixed rate unsecured US dollar mortgage loan 7
8
35
\u20ac700 million fixed rate 3.75% unsecured bonds 2029 8
\u2013
718
\u20ac500 million fixed rate 2.75% unsecured bonds 2025 9
\u2013
510
Total bank loans, other loans and convertible bonds
1,978
2,911
Less: current instalments due on bank loans, other loans and convertible bonds
(1,286)
(1,617)
Total non-current bank loans, other loans and convertible bonds
692
1,294
1 See details of the 2028 convertible bonds below.
2 On 11 September 2025, the Group issued senior unsecured bonds for an aggregate principal amount of \u20ac500 million due 2030. The bonds bear
a\u00a0fixed rate of interest of 3.352% per annum, payable in arrears. The bonds were issued at 100% of their principal amount and, unless previously
redeemed or purchased and cancelled, will\u00a0be redeemed at 100% of their principal amount on their maturity date.
3 On 17 January 2025, the Group paid \u20ac269 million to redeem, at a net discount, \u20ac277 million of the notional value of the unsecured \u20ac500 million fixed
rate bonds 2027. On 12 September 2025, the Group paid a further \u20ac89 million to redeem, at a net discount, \u20ac90 million of the notional values of the
remaining \u20ac223 million at that time. The net discount paid on redemption of the bonds of \u20ac9 million has been recorded as a credit within Finance
costs. In redeeming the bonds, the Group paid accrued interest of \u20ac3 million.
4 Fixed rate secured bonds with 3.75% coupon repayable in 2027.
5 Floating rate euro mortgage loans are secured on specific aircraft assets of the Group and bear interest of between 3.54% and 3.56%. The loans are
repayable in 2027 .
6 Fixed rate unsecured euro loans with the Spanish State (Department of Industry) bear nil interest and are repayable in 2034.
7 Fixed rate unsecured US dollar mortgage loan bearing interest of 1.38 %. The loan is repayable in 2026.
8 On 17 January 2025, the Group paid \u20ac305 million to redeem, at a net premium, \u20ac300 million of the notional value of the unsecured \u20ac700 million fixed
rate bonds 2029. On 12 September 2025, the Group paid a further \u20ac292 million to redeem, at a net premium, \u20ac281 million of the notional value of the
remaining \u20ac400 million at that time. On 29 September 2025, the Group paid a further \u20ac119 million to redeem the remaining outstanding notional
value of the bonds. At 31 December 2025 no amounts on the bonds remained outstanding. The net premium paid on redemption of the bonds of
\u20ac16\u00a0million has been recorded as a charge within Finance costs. In redeeming the bonds, the Group paid accrued interest for the bonds of \u20ac16 million.
9 On 25 March 2025, the Group redeemed upon maturity the senior unsecured \u20ac500 million fixed rate bonds.
Details of the 2028 convertible bonds
On 11 May 2021, the Group issued \u20ac825 million fixed rate 1.125% senior unsecured bonds convertible into ordinary shares of IAG.
The\u00a0convertible bonds raised net proceeds of \u20ac818 million and mature in 2028. The Group holds an option to redeem the convertible
bonds at their principal amount, together with accrued interest, no earlier than two years prior to the final maturity date.
The convertible bonds provide bondholders with dividend protection and included a total of 244,850,715 options at inception and,
following the 2024 interim and final dividends, and the 2025 interim dividend, include 255,117,818 options at 31 December 2025 to
convert into ordinary shares of IAG. The\u00a0Group also holds an option to redeem the convertible bonds, in full or in part, in cash in the
event that bondholders exercise their right to convert the bonds into ordinary shares of\u00a0IAG. The bondholders\u2019 conversion right
is\u00a0currently exercisable.
The convertible bonds are recorded at their fair value, which at 31 December 2025 was \u20ac1,229 million (2024: \u20ac1,016 million),
representing an increase of \u20ac213 million since 1 January 2025. Of this increase, the charge recorded in Other comprehensive income
arising from credit risk of the convertible bonds was \u20ac12 million and the charge recorded within Finance costs in the Income
statement attributable to changes in market conditions was \u20ac201 million.
Undrawn facilities
On 14 June 2024, the Group entered into a five-year $3.0 billion, sustainability-linked, secured Revolving Credit Facility, with two
one-year extension options available subject to the approval of lenders, and accessible by British Airways, Iberia and Aer Lingus,
each of which has separate limits. At 31 December 2025 no amounts had been drawn under the facility. While the Group does
not\u00a0forecast drawing down on the Revolving Credit Facility, should it do so the resultant debt would be secured, in the respective
operating companies, against: (i) specific landing rights; or (ii) aircraft; or (iii) a combination of both.
Details of further undrawn facilities are given in note 29f.
Transactions with unconsolidated entities
The Group has entered into asset financing transactions with unconsolidated entities as follows:
\u2022 The British Airways Pass Through Certificates, Series 2019-1, were entered into in the third quarter of 2019, recognising Asset
financed liabilities of \u20ac725 million for eight aircraft that mature between 2029 and 2034;
\u2022 The British Airways Pass Through Certificates, Series 2020-1, were entered into in the fourth quarter of 2020, recognising Asset
financed liabilities of \u20ac472 million for nine aircraft that mature between 2028 and 2032;
\u2022 The British Airways Pass Through Certificates, Series 2021-1, were entered into in the third quarter of 2021, recognising Asset
financed liabilities of \u20ac204 million for seven aircraft that mature between 2031 and 2035;
\u2022 The Iberia Pass Through Certificates, Series 2022-1, were entered into in April 2022, recognising Asset financed liabilities
of\u00a0\u20ac680\u00a0million for five aircraft that mature between 2032 and 2036;
\u2022 The British Airways Pass Through Certificates, Series 2022-1, were entered into in October 2022, recognising Asset financed
liabilities of \u20ac159 million for four aircraft that mature between 2032 and 2036; and
\u2022 There have been no asset financing transactions with unconsolidated entities during the years to 31 December 2025 and
31 December 2024.
As at 31 December 2025, Asset financed liabilities include cumulative amounts of \u20ac2,114 million (2024: \u20ac 2,956 million) and the
associated assets recorded within Property, plant and equipment include cumulative amounts of \u20ac1,075 million (2024: \u20ac2,076
million) associated with transactions with unconsolidated structured entities having issued EETCs.
c Total loans, convertible bonds, asset financed liabilities and lease liabilities
Million
2025
2024
Loans
Bank:
US dollar
$9
$38
Euro
\u20ac50
\u20ac75
\u20ac58
\u20ac110
Fixed rate bonds:
Euro
\u20ac691
\u20ac1,785
\u20ac691
\u20ac1,785
Convertible bonds
Euro
\u20ac1,229
\u20ac1,016
\u20ac1,229
\u20ac1,016
Asset financed liabilities
US dollar
$3,658
$3,977
Euro
\u20ac1,993
\u20ac1,730
Japanese yen
\u00a535,375
\u00a535,051
\u20ac5,294
\u20ac5,788
Lease liabilities
US dollar
$6,224
$6,873
Euro
\u20ac558
\u20ac799
Japanese yen
\u00a539,813
\u00a558,881
Pound sterling
\u00a3790
\u00a3696
\u20ac6,995
\u20ac8,646
Total interest-bearing borrowings
\u20ac14,267
\u20ac17,345
30 Financial instruments
a Financial assets and liabilities by category
The detail of the Group\u2019s financial instruments at 31 December 2025 and 31 December 2024 by nature and classification for
measurement purposes is as follows:
31 December 2025
Financial assets
\u20ac million
Amortised cost
Fair value through
Other
comprehensive
income
Fair value through
Income statement
Non-financial assets
Total
carrying amount by
balance sheet item
Non-current assets
Other equity investments
\u2013
298
\u2013
\u2013
298
Derivative financial instruments
\u2013
\u2013
27
\u2013
27
Other non-current assets
209
\u2013
22
1,296
1,527
Current assets
Trade receivables
1,344
\u2013
\u2013
\u2013
1,344
Other current assets
482
\u2013
\u2013
1,846
2,328
Derivative financial instruments
\u2013
\u2013
74
\u2013
74
Other current interest-bearing deposits
898
\u2013
\u2013
\u2013
898
Cash and cash equivalents
7,421
\u2013
\u2013
\u2013
7,421
Financial liabilities
\u20ac million
Amortised cost
Fair value through
Income statement
Non-financial
liabilities
Total
carrying amount by
balance sheet item
Non-current liabilities
Lease liabilities
5,598
\u2013
\u2013
5,598
Interest-bearing long-term borrowings
5,623
\u2013
\u2013
5,623
Derivative financial instruments
\u2013
371
\u2013
371
Other long-term liabilities
80
\u2013
315
395
Current liabilities
Lease liabilities
1,397
\u2013
\u2013
1,397
Current portion of long-term borrowings
420
1,229
\u2013
1,649
Trade and other payables
4,191
\u2013
1,530
5,721
Derivative financial instruments
\u2013
604
\u2013
604
31 December 2024
Financial assets
\u20ac million
Amortised cost
Fair value through
Other
comprehensive
income
Fair value through
Income statement
Non-financial assets
Total
carrying amount by
balance sheet item
Non-current assets
Other equity investments
\u2013
190
\u2013
\u2013
190
Derivative financial instruments
\u2013
\u2013
229
\u2013
229
Other non-current assets
225
\u2013
4
687
916
Current assets
Trade receivables
1,774
\u2013
\u2013
\u2013
1,774
Other current assets
699
\u2013
\u2013
1,637
2,336
Derivative financial instruments
\u2013
\u2013
395
\u2013
395
Other current interest-bearing deposits
1,639
\u2013
\u2013
\u2013
1,639
Cash and cash equivalents
8,189
\u2013
\u2013
\u2013
8,189
Financial liabilities
\u20ac million
Amortised cost
Fair value through
Income statement
Non-financial
liabilities
Total
carrying amount by
balance sheet item
Non-current liabilities
Lease liabilities
7,169
\u2013
\u2013
7,169
Interest-bearing long-term borrowings
6,701
\u2013
\u2013
6,701
Derivative financial instruments
\u2013
102
\u2013
102
Other long-term liabilities
171
\u2013
230
401
Current liabilities
Lease liabilities
1,477
\u2013
\u2013
1,477
Current portion of long-term borrowings
982
1,016
\u2013
1,998
Trade and other payables
4,746
\u2013
1,403
6,149
Derivative financial instruments
\u2013
194
\u2013
194
b Fair value of financial assets and financial liabilities
The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used
in\u00a0determining the fair values and using the following methods and assumptions:
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted
prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and
those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market
values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments
and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and
counterparty credit risk, respectively.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques.
These\u00a0valuation techniques maximise the use of observable market data where it is available and rely as little as possible on
entity\u2011specific estimates.
Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward
pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility
surface data at the balance sheet date. The fair value of the principal derivative financial assets and liabilities is determined as
follows, incorporating adjustments for own credit risk and counterparty credit risk:
\u2022 Commodity reference contracts including swaps and options transactions re ferenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil;
(iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential; and (vi) Jet fuel Brent crack. The mark-to-market valuation prices
are\u00a0determined by reference to current forward curve and standard option pricing valuation models, with values discounted
to\u00a0the\u00a0balance sheet date based on the corresponding interest rate;
\u2022 Currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models,
with values discounted to the balance sheet date based on the corresponding interest rate; and
\u2022 Interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with
the\u00a0current forward curve.
The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining
contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing
borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation
is\u00a0performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by
the\u00a0associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method
is\u00a0applied. For the methodology used in the determination of the fair value of the investment in Air Europa Holdings, see note 19.
The fair values of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and
trade and other payables approximate their carrying value, largely due to the short-term maturities of these instruments.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2025 are as follows:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
2
\u2013
297
299
298
Other non-current financial assets
\u2013
22
22
44
40
Derivative financial assets:
Interest rate swaps 1
\u2013
8
\u2013
8
8
Foreign exchange contracts 1
\u2013
69
\u2013
69
69
Fuel derivatives 1
\u2013
24
\u2013
24
24
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
5,179
\u2013
5,179
5,294
Fixed rate borrowings
1,916
17
\u2013
1,933
1,937
Floating rate borrowings
\u2013
41
\u2013
41
41
Derivative financial liabilities:
Interest rate derivatives 2
\u2013
1
\u2013
1
1
Foreign exchange contracts 2
\u2013
636
\u2013
636
636
Fuel derivatives 2
\u2013
338
\u2013
338
338
1 Current portion of derivative financial assets is \u20ac74 million.
2 Current portion of derivative financial liabilities is \u20ac604 million.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2024 are set out below:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
1
\u2013
189
190
190
Other non-current financial assets
\u2013
22
4
26
23
Derivative financial assets:
Interest rate swaps 1
\u2013
14
\u2013
14
14
Foreign exchange contracts 1
\u2013
583
\u2013
583
583
Fuel derivatives 1
\u2013
27
\u2013
27
27
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
5,400
\u2013
5,400
5,788
Fixed rate borrowings
2,762
45
\u2013
2,807
2,845
Floating rate borrowings
\u2013
66
\u2013
66
66
Derivative financial liabilities:
Interest rate derivatives 2
\u2013
2
\u2013
2
2
Foreign exchange contracts 2
\u2013
78
\u2013
78
78
Fuel derivatives 2
\u2013
216
\u2013
216
216
1 Current portion of derivative financial assets is \u20ac395 million.
2 Current portion of derivative financial liabilities is \u20ac194 million.
There have been no transfers between the levels of fair value hierarchy during the year.
Financial assets, other equity instruments, financial liabilities and derivative financial assets and liabilities are all measured at fair value
in the consolidated financial statements. Interest-bearing borrowings, with the exception of the \u20ac825 million convertible bonds due
2028, which are measured at fair value, are measured at amortised cost.
c Level 3 financial assets reconciliation
The following table summarises key movements in Level 3 financial assets:
\u20ac million
2025
2024
Opening balance for the year
189
187
Additions
58
20
Net gains/(losses) recognised in Other comprehensive income
51
(19)
Exchange movement
(1)
1
Closing balance for the year
297
189
d Hedges
i Cash flow hedges
At 31 December 2025, the Group\u2019s principal risk management activities that were hedging future forecast transactions were:
\u2022 Foreign exchange contracts, hedging foreign currency exchange risk on cash inflows and certain operational payments.
Remeasurement gains and losses on the derivatives are (i) recognised in equity and transferred to the Income statement, where
the hedged item is recorded directly in the Income statement, to the same caption as the underlying hedged item is classified;
(ii)\u00a0recognised in equity and transferred to the Balance sheet, where the hedged item is a non-financial asset or liability, and
recorded to the Balance sheet to the same caption as the hedged item is recognised; and (iii) recognised in equity and transferred
to the Income statement, where the hedged item is a financial asset or liability, at the same time as the financial asset or liability
is\u00a0recorded in the Income statement. Reclassification gains and losses on derivatives, arising from the discontinuance of hedge
accounting, are recognised in the Income statement when the future transaction is no longer expected to occur and recorded
in\u00a0the relevant Income statement caption to which the hedged item is classified;
\u2022 Crude, gas oil and jet kerosene derivative contracts, hedging price risk on fuel expenditure. Remeasurement gains and losses
on\u00a0the derivatives are: (i) recognised in equity and transferred to the Income statement within Fuel costs and emissions charges
to\u00a0match against the related fuel cash outflow, where the underlying hedged item does not give rise to the recognition of fuel
inventory; and (ii) recognised in equity and transferred to the Balance sheet within Inventory, where the underlying hedged item
is\u00a0fuel inventory. Gains and losses recorded within Inventory are recognised in the Income statement when the underlying fuel
inventory is consumed, within Fuel costs and emission charges. Reclassification gains and losses on derivatives, arising from
the\u00a0discontinuance of hedge accounting, are recognised in the Income statement within Fuel costs and emissions charges when
the future transaction is no longer expected to occur;
\u2022 Interest rate contracts, hedging interest rate risk on floating rate debt and certain operational payments. Remeasurement gains
and losses on the derivatives are recognised in equity and transferred to the Income statement within Interest expense; and
\u2022 Future loan repayments denominated in foreign currency which are designated in a hedge relationship in order to hedge foreign
exchange fluctuations on revenue cash inflows. Remeasurement gains and losses on the associated loans are recognised in equity
and transferred to the Balance sheet, where the hedged item is a non-financial asset or liability when the loan repayments are
made (generally in instalments over the life of the loan).
ii Losses in respect of cash flow hedges included within equity
The amounts included in equity are summarised below:
\u20ac million
2025
2024
Loan repayments to hedge future revenue
35
(42)
Foreign exchange contracts to hedge future revenue and expenditure 1
322
(169)
Crude, gas oil and jet kerosene derivative contracts 1
250
229
Derivatives used to hedge interest rates 1
14
11
Instruments for which hedge accounting no longer applies 1, 2
32
40
653
69
Related deferred tax credit
(167)
(17)
Total amount included within equity
486
52
1 The carrying value of derivative instruments recognised in assets and liabilities is analysed in parts a and b of this note.
2 Relates to previously terminated hedge relationships for which the underlying forecast transactions are expected to occur.
iii Notional amounts of significant financial instruments used as cash flow hedging instruments
Notional principal amounts
\u20ac million
Average
hedge rate
Hedge range
Within
1 year
1-2
years
2-5
years
5+
years
Total 31
December
2025
Foreign exchange contracts to hedge
future revenue and expenditure from US
dollars to pounds sterling1
1.30
1.20 to 1.37
3,277
1,656
610
\u2013
5,543
Foreign exchange contracts to hedge
future revenue and expenditure from US
dollars to euros 1
1.15
1.03 to 1.26
1,667
1,371
830
\u2013
3,868
Foreign exchange contracts to hedge
future revenue and expenditure from euros
to pounds sterling1
1.20
1.08 to 1.42
521
537
529
768
2,355
Fuel commodity price contracts to hedge
future US dollar fuel expenditure 2
600
457 to 1,100
2,785
1,175
666
\u2013
4,626
Interest rate contracts to hedge future
interest expenditure 3,4
1.21
(0.06) to 3.90
1,443
591
9
\u2013
Notional principal amounts
\u20ac million
Average
hedge rate
Hedge range
Within
1 year
1-2
years
2-5
years
5+
years
Total 31
December
2024
Foreign exchange contracts to hedge future
revenue and expenditure from US dollars to
pounds sterling1
1.26
1.16 to 1.34
3,716
1,352
206
\u2013
5,274
Foreign exchange contracts to hedge future
revenue and expenditure from US dollars to
euros 1
1.11
1.04 to 1.19
1,907
959
295
\u2013
3,161
Foreign exchange contracts to hedge future
revenue and expenditure from euros to
pounds sterling1
1.25
1.11 to 1.42
561
386
452
731
2,130
Fuel commodity price contracts to hedge
future US dollar fuel expenditure 2
670
489 to 1,200
4,219
1,735
883
\u2013
6,837
Interest rate contracts to hedge future
interest expenditure 3,4
1.87
(0.06) to 3.90
2,052
509
149
\u2013
1 Expenditure includes both operating and capital expenditure.
2 Notional amounts of fuel commodity price hedging instruments at 31 December 2025 represent 10.0 million metric tonnes of jet fuel equivalent
(31 December 2024: 10.0 million metric tonnes), and the hedge range is expressed as the US dollar price per metric tonne, which for those products
typically priced in barrels, has been determined using a conversion factor of 7.88.
3 The hedge range for interest rate contracts is expressed as a percentage.
4 The notional amount of interest rate contracts at 31 December 2025 was \u20ac835 million (31 December 2024: \u20ac1,742 million). Amounts included reflect
the notional amortising amounts outstanding at the end of each period and align with the profiles of the underlying hedged items.
iv Movements recorded in the cash flow hedge reserve
A schedule of the movements recorded in the cash flow hedge reserve is set out below:
Amounts recognised in the Income statement
For the year to 31 December 2025
\u20ac million
Ineffectiveness1
Reclassified to
the Income
statement
Total
recognised
movements
Fair value
movements
recognised in
Other
comprehensive
income2
Amounts
transferred to
the Balance
sheet
Foreign exchange contracts to hedge future revenue and
expenditure
\u2013
(58)
(58)
539
19
Crude, gas oil and jet kerosene derivative contracts
(1)
(52)
(53)
71
10
Derivatives used to hedge interest rates
\u2013
2
2
1
\u2013
Loan repayments to hedge future revenue
\u2013
\u2013
\u2013
85
(8)
Instruments for which hedge accounting no longer applies
\u2013
\u2013
\u2013
\u2013
(5)
(1)
(108)
(109)
696
16
Related deferred tax
29
(180)
(3)
Total movements recorded in the cash flow hedge reserve
(80)
516
13
Amounts recognised in the Income statement
For the year to 31 December 2024
\u20ac million
Ineffectiveness1
Reclassified to
the Income
statement
Total
recognised
movements
Fair value
movements
recognised in
Other
comprehensive
income2
Amounts
transferred to
the Balance
sheet
Foreign exchange contracts to hedge future revenue and
expenditure
1
(102)
(101)
(185)
21
Crude, gas oil and jet kerosene derivative contracts
1
(26)
(25)
190
(7)
Derivatives used to hedge interest rates
\u2013
17
17
(5)
\u2013
Loan repayments to hedge future revenue
19
\u2013
19
(72)
(10)
Instruments for which hedge accounting no longer applies
\u2013
\u2013
\u2013
\u2013
(87)
21
(111)
(90)
(72)
(83)
Related deferred tax
21
19
20
Total movements recorded in the cash flow hedge reserve
(69)
(53)
(63)
1 Ineffectiveness recognised in the Income statement is presented as Realised and Unrealised gains and losses on derivatives not qualifying for hedge
accounting within non-operating items.
2 Amounts recognised in Other comprehensive income represent gains and losses on the hedging instrument.
v Fair value hedges
At 31 December 2025 , the Group\u2019s principal risk management activities associated with fair value hedging were related to interest
rate contracts hedging the fair value risk on fixed rate lease liabilities. Remeasurement gains and losses on both the derivatives
and\u00a0the host financial liability are recognised in the Income statement within Other non-operating (charges)/credits.
The carrying values of the hedged items and hedging instruments of the Group\u2019s fair value hedges at 31 December 2025 are as follows:
\u20ac million
2025
2024
Carrying value of lease liabilities to which fair value hedging has been applied (hedged items) 1
(42)
(54)
Carrying amount of the interest rate derivatives (hedging instruments)
(1)
(2)
Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying
amount of the hedged item
(3)
(3)
Change in value used for calculating hedge ineffectiveness
5
4
1 Hedged items included in the fair value hedges are presented within Borrowings in the Balance sheet and in note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-778": { "value": "
20 Trade and other receivables
\u20ac million
2025
2024
Amounts falling due within one year
Trade receivables
1,448
1,885
Provision for expected credit loss
(104)
(111)
Net trade receivables
1,344
1,774
Prepayments
951
887
Accrued income1
423
511
Carbon-related assets2
321
323
Other non-trade receivables
633
615
Carbon-related and other current assets
2,328
2,336
Amounts falling due after one year
Prepayments
531
515
Accrued income1
8
10
Carbon-related assets2
435
275
Other non-trade receivables3
553
116
Carbon-related and other assets due after one year
1,527
916
1 The accrued income balance (representing contract assets) predominantly relates to revenue earned from ongoing maintenance and overhaul
services, where the balances vary depending on the number of ongoing activities at the balance sheet date.
2 The disaggregation of Carbon-related assets by underlying scheme is presented in note 4f.
3 Other non-trade receivables predominantly includes an amount of \u20ac507 million (2024: \u20ac88 million) associated with the IAG Loyalty VAT matter
referred to in note 10g.
Movements in the provision for expected credit loss were as follows:
\u20ac million
2025
2024
At beginning of year
111
114
Provided during the year
6
6
Released during the year
(4)
(4)
Receivables written off during the year
(6)
(7)
Exchange movements
(3)
2
104
111
Trade receivables are generally non-interest-bearing and on 30-day terms (2024: 30 days).
The credit risk exposure on the Group\u2019s trade receivables is set out below:
31 December 2025
\u20ac million
Current
<30 days
30-180 days
180-365 days
>365 days
Trade receivables
819
366
99
54
110
Expected credit loss rate (%)
0.1%
0.1%
4.0%
7.4%
87.3%
Provision for expected credit loss
\u2013
\u2013
4
4
96
31 December 2024
\u20ac million
Current
<30 days
30-180 days
180-365 days
>365 days
Trade receivables
1,224
188
284
49
140
Expected credit loss rate (%)
0.1%
0.1%
0.7%
6.1%
75.7%
Provision for expected credit loss
\u2013
\u2013
2
3
106
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-781": { "value": "
Movements in the provision for expected credit loss were as follows:
\u20ac million
2025
2024
At beginning of year
111
114
Provided during the year
6
6
Released during the year
(4)
(4)
Receivables written off during the year
(6)
(7)
Exchange movements
(3)
2
104
111
Trade receivables are generally non-interest-bearing and on 30-day terms (2024: 30 days).
The credit risk exposure on the Group\u2019s trade receivables is set out below:
31 December 2025
\u20ac million
Current
<30 days
30-180 days
180-365 days
>365 days
Trade receivables
819
366
99
54
110
Expected credit loss rate (%)
0.1%
0.1%
4.0%
7.4%
87.3%
Provision for expected credit loss
\u2013
\u2013
4
4
96
31 December 2024
\u20ac million
Current
<30 days
30-180 days
180-365 days
>365 days
Trade receivables
1,224
188
284
49
140
Expected credit loss rate (%)
0.1%
0.1%
0.7%
6.1%
75.7%
Provision for expected credit loss
\u2013
\u2013
2
3
106
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-782": { "value": "
21 Inventories
\u20ac million
2025
2024
Engineering expendables
577
534
Catering consumables
45
44
Other inventories
77
39
699
617
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-783": { "value": "
22 Cash, cash equivalents and other current interest-bearing deposits
a Cash
\u20ac million
2025
2024
Cash at bank and in hand
3,013
2,975
Short-term deposits maturing within three months
4,408
5,214
Cash and cash equivalents
7,421
8,189
Current interest-bearing deposits maturing after three months
898
1,639
Cash, cash equivalents and other interest-bearing deposits
8,319
9,828
Cash at bank is primarily held in AAA money market funds and bank deposits. Short-term deposits are for periods up to three
months and earn interest based on the floating deposit rates.
At 31 December 2025, the Group had no outstanding bank overdrafts ( 2024: \u20acnil).
Current interest-bearing deposits have maturities in excess of three months and typically within 12 months of the balance sheet date,
and earn interest based on the market rates available at the time the deposit was made.
At 31 December 2025 , Aer Lingus held \u20ac 29 million of restricted cash (2024: \u20ac29 million) in interest-bearing deposits maturing after
more than three months to be used for employee-related obligations.
b Net debt
Movements in net debt were as follows:
\u20ac million
Balance at 1
January 2025
Cash flows
Exchange
movements
New leases
and
modifications
Fair value
movements1
Other items 1
Balance at 31
December
2025
Bank and other loans, convertible
bonds and asset financed liabilities
8,699
(1,162)
(491)
\u2013
213
13
7,272
Lease liabilities
8,646
(1,344)
(854)
543
\u2013
4
6,995
Cash and cash equivalents
(8,189)
594
174
\u2013
\u2013
\u2013
(7,421)
Current interest-bearing deposits
(1,639)
712
29
\u2013
\u2013
\u2013
(898)
7,517
(1,200)
(1,142)
543
213
17
5,948
\u20ac million
Balance at 1
January 2024
Cash flows
Exchange
movements
New leases
and
modifications
Fair value
movements1
Other items 1
Balance at 31
December
2024
Bank and other loans, convertible
bonds and asset financed liabilities
7,115
1,064
217
\u2013
280
23
8,699
Lease liabilities
8,967
(1,737)
422
988
\u2013
6
8,646
Cash and cash equivalents
(5,441)
(2,695)
(53)
\u2013
\u2013
\u2013
(8,189)
Current interest-bearing deposits
(1,396)
(215)
(28)
\u2013
\u2013
\u2013
(1,639)
9,245
(3,583)
558
988
280
29
7,517
1 During the year to 31 December 2025, the Group has presented the fair value movements on the convertible bonds separately within Fair value
movements, which were previously included within Other items. Accordingly figures for the comparative year to 31 December 2024 have been
reclassified to conform with the current year presentation. Further information on the convertible bonds 2028 is given in note 26b.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-784": { "value": "
At 31 December 2025 , Aer Lingus held \u20ac 29 million of restricted cash (2024: \u20ac29 million) in interest-bearing deposits maturing after
more than three months to be used for employee-related obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-785": { "value": "
23 Trade and other payables
\u20ac million
2025
2024
Trade creditors
2,905
3,350
Other creditors
1,466
1,481
Other taxation and social security
348
280
Accruals
792
847
Deferred income relating to non-flight activity
210
191
5,721
6,149
Average payment days to suppliers \u2013 Spanish Group companies
Days
2025
2024
Average payment days for payment to suppliers
23
25
Ratio of transactions paid
22
26
Ratio of transactions outstanding for payment
23
19
\u20ac million
2025
2024
Total payments made
10,581
9,606
Total payments outstanding
301
152
Information on invoices paid in a period shorter than the maximum period established in the late payment regulations \u2013 Spanish
Group companies
2025
2024
Total payments made (\u20ac million)
9,803
8,523
Percentage share of total payments to suppliers
93%
89%
Number of invoices paid (thousand)
246
218
Percentage share of total number of invoices paid
81%
77%
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-786": { "value": "
24 Deferred revenue
Significant accounting estimates applied \u2013 Revenue recognition: breakage assumptions applied to passenger revenue, customer
loyalty programmes and unredeemed vouchers
At 31 December 2025 the Group recognised \u20ac8,739 million (2024: \u20ac8,536 million) in respect of deferred revenue of which \u20ac3,348
million (2024: \u20ac2,888 million) related to customer loyalty programmes.
Passenger revenue
Passenger revenue is recognised when the transportation service is provided. At the time of intended transportation, revenue is\u00a0also
recognised in respect of estimated unused tickets breakage and is estimated based on the terms and conditions of the tickets and
historical experience. The Group considers that there is no reasonably possible change to unused ticket assumptions that would have
a material impact on passenger revenue recorded in the year. A 2 percentage point increase in the level of\u00a0unused ticket breakage
of\u00a0the sales in advance of carriage balance (excluding vouchers) at 31 December 2025 would result in\u00a0an\u00a0adjustment to Deferred
revenue of \u20ac98 million (2024: \u20ac101 million), with an offsetting adjustment to increase revenue and operating profit recognised
in\u00a0the\u00a0year.
Customer loyalty schemes
Revenue associated with the issuance of Avios under customer loyalty programmes is based on the relative standalone selling prices
of the related performance obligations (brand, marketing and Avios), determined using estimation techniques. The transaction price
of brand and marketing services is determined using specific brand valuation methodologies. The transaction price of an Avios is
determined as the price of the rewards against which it can be redeemed and is reduced to take account of the proportion of Avios
that are not expected to be redeemed by customers.
The Group estimates the number of Avios not expected to be redeemed using statistical modelling based on historical experience
and expected future trends in customer behaviour. The Group considers historical redemption activity representative of long-term
behavioural trends. A five percentage point increase in the assumption of Avios not expected to\u00a0be\u00a0redeemed would result in an
adjustment to Deferred revenue of \u20ac103 million (2024: \u20ac99 million), with an offsetting adjustment to increase revenue and operating
profit recognised in the year.
Unredeemed vouchers liability
At 31 December 2025, the Group recognised \u20ac483 million in respect of unredeemed vouchers, including associated taxes
(2024: \u20ac587 million) within Deferred revenue. Of the \u20ac483 million, \u20ac10 million (2024: \u20ac100 million) relates to vouchers issued due
to\u00a0COVID-19 pandemic flight cancellations, referred to as \u2018disrupted flights\u2019, and \u20ac473 million (2024: \u20ac487 million) relates to non-
disrupted voucher issuance, such as certain flexible fare options, non-air partner companion vouchers and gift vouchers.
The jurisdiction in which a voucher is issued dictates the period over which a customer can redeem the voucher, which ranges up
to\u00a0six years from the point of issuance. This period of time is also influenced by whether the voucher was issued for disrupted flights
or non-disrupted issuance and whether statutory or commercial expiry policies prevail. The Group expects the majority of\u00a0the total
voucher liability to mature within 12 months of the balance sheet date.
Where a voucher has been issued to a customer in the event of a flight cancellation, the Group estimates, based on\u00a0historical
experience, the level of such vouchers not expected to be used prior to expiry and recognises revenue accordingly.
A five percentage point increase in the assumption of the number of vouchers outstanding at 31 December 2025 and not expected
to be redeemed prior to expiry would result in a reduction to Deferred revenue of \u20ac24 million (2024: \u20ac29 million), with\u00a0an offsetting
adjustment to increase Passenger revenue and Operating profit recognised in the year.
\u20ac million
Customer
loyalty
programmes
Sales in
advance of
carriage
Total
Balance at 1 January 2025
2,888
5,648
8,536
Cash received from customers1
592
26,929
27,521
Revenue recognised in the Income statement2, 3
(1,389)
(27,243)
(28,632)
Financing charge recognised in the Income statement
19
\u2013
19
Loyalty points issued to customers4
1,406
223
1,629
Transfers between categories
(10)
10
\u2013
Exchange movements
(158)
(176)
(334)
Balance at 31 December 2025
3,348
5,391
8,739
Analysis:
Current
2,641
5,391
8,032
Non-current
707
\u2013
707
3,348
5,391
8,739
\u20ac million
Customer
loyalty
programmes
Sales in
advance of
carriage
Total
Balance at 1 January 2024
2,712
5,311
8,023
Cash received from customers1
\u2013
26,241
26,241
Revenue recognised in the Income statement2, 3
(1,397)
(26,248)
(27,645)
Financing charge recognised in the Income statement
13
\u2013
13
Loyalty points issued to customers4
1,453
207
1,660
Exchange movements
107
137
244
Balance at 31 December 2024
2,888
5,648
8,536
Analysis:
Current
2,685
5,648
8,333
Non-current
203
\u2013
203
2,888
5,648
8,536
1 Cash received from customers is net of refunds.
2 Where the Group acts as an agent in the provision of redemption products and services to customers through loyalty programmes, or in the
provision of interline flights to passengers, revenue is recognised in the Income statement net of the related costs.
3 Included within revenue recognised in the Income statement during 2025 is an amount of \u20ac5,407 million previously held as deferred revenue
at 1 January 2025 (recognised during 2024 and previously held as deferred revenue at 1 January 2024: \u20ac4,924 million).
4 Included within loyalty points issued to customers at 31 December 2025 is an amount of \u20ac223 million (31 December 2024: \u20ac 207 million) classified
within Sales in advance of carriage representing the cash component of the consideration paid by customers, where such consideration comprises
both cash and the redemption of Avios.
The unsatisfied performance obligation under the Group\u2019s customer loyalty programmes that is classified as non-current was
\u20ac707\u00a0million at 31 December 2025 ( 31 December 2024 : \u20ac203 million), all of which is expected to be recognised as revenue within
one\u00a0to 10 years from the balance sheet date.
Deferred revenue relating to customer loyalty programmes consists primarily of consideration allocated to performance obligations
associated with Avios. Avios are issued by the Group\u2019s airlines through their loyalty programmes, or are sold to third parties such
as\u00a0credit card providers, who issue them as part of their loyalty programmes. While Avios do not have an expiry date and can
be\u00a0redeemed at any time in the future, a customer\u2019s membership account is closed if there is a period of 36 months of inactivity
in\u00a0terms of both issuances and redemptions. Revenue may, therefore, be recognised at any time in the future.
The remaining performance obligations under long-term maintenance and overhaul contracts provided by the Group\u2019s MRO
operations, as at 31 December 2025, amounted to \u20ac5,906 million on an undiscounted basis, of which \u20ac573 million is contracted
to\u00a0be\u00a0fulfilled within the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-787": { "value": "
25 Other long-term liabilities
\u20ac million
2025
2024
Non-current other creditors
337
343
Accruals and deferred income
58
58
395
401
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-788": { "value": "
26 Long-term borrowings
a Total borrowings
2025
2024
\u20ac million
Current
Non-current
Total
Current
Non-current
Total
Bank and other loans
57
692
749
601
1,294
1,895
Convertible bonds
1,229
\u2013
1,229
1,016
\u2013
1,016
Asset financed liabilities
363
4,931
5,294
381
5,407
5,788
Lease liabilities
1,397
5,598
6,995
1,477
7,169
8,646
Interest-bearing long-term borrowings
3,046
11,221
14,267
3,475
13,870
17,345
Long-term borrowings of the Group amounting to \u20ac5,334 million (31 December 2024 : \u20ac5,853 million) are secured on owned fleet
assets with a net book value of \u20ac 5,476 million (31 December 2024: \u20ac5,958 million). All asset financed liabilities, which are included
in\u00a0long-term borrowings, are secured on the associated aircraft or other property, plant and equipment.
b Bank loans, other loans and convertible bonds
\u20ac million
2025
2024
\u20ac825 million fixed rate 1.125% convertible bonds 2028 1
1,229
1,016
\u20ac500 million fixed rate 3.352% unsecured bonds 2030 2
502
\u2013
\u20ac500 million fixed rate 1.50% bonds 2027 3
133
501
Fixed rate secured bonds 4
56
56
Floating rate euro mortgage loans secured on aircraft5
41
66
Fixed rate unsecured euro loans with the Spanish State (Department of Industry) 6
9
9
Fixed rate unsecured US dollar mortgage loan 7
8
35
\u20ac700 million fixed rate 3.75% unsecured bonds 2029 8
\u2013
718
\u20ac500 million fixed rate 2.75% unsecured bonds 2025 9
\u2013
510
Total bank loans, other loans and convertible bonds
1,978
2,911
Less: current instalments due on bank loans, other loans and convertible bonds
(1,286)
(1,617)
Total non-current bank loans, other loans and convertible bonds
692
1,294
1 See details of the 2028 convertible bonds below.
2 On 11 September 2025, the Group issued senior unsecured bonds for an aggregate principal amount of \u20ac500 million due 2030. The bonds bear
a\u00a0fixed rate of interest of 3.352% per annum, payable in arrears. The bonds were issued at 100% of their principal amount and, unless previously
redeemed or purchased and cancelled, will\u00a0be redeemed at 100% of their principal amount on their maturity date.
3 On 17 January 2025, the Group paid \u20ac269 million to redeem, at a net discount, \u20ac277 million of the notional value of the unsecured \u20ac500 million fixed
rate bonds 2027. On 12 September 2025, the Group paid a further \u20ac89 million to redeem, at a net discount, \u20ac90 million of the notional values of the
remaining \u20ac223 million at that time. The net discount paid on redemption of the bonds of \u20ac9 million has been recorded as a credit within Finance
costs. In redeeming the bonds, the Group paid accrued interest of \u20ac3 million.
4 Fixed rate secured bonds with 3.75% coupon repayable in 2027.
5 Floating rate euro mortgage loans are secured on specific aircraft assets of the Group and bear interest of between 3.54% and 3.56%. The loans are
repayable in 2027 .
6 Fixed rate unsecured euro loans with the Spanish State (Department of Industry) bear nil interest and are repayable in 2034.
7 Fixed rate unsecured US dollar mortgage loan bearing interest of 1.38 %. The loan is repayable in 2026.
8 On 17 January 2025, the Group paid \u20ac305 million to redeem, at a net premium, \u20ac300 million of the notional value of the unsecured \u20ac700 million fixed
rate bonds 2029. On 12 September 2025, the Group paid a further \u20ac292 million to redeem, at a net premium, \u20ac281 million of the notional value of the
remaining \u20ac400 million at that time. On 29 September 2025, the Group paid a further \u20ac119 million to redeem the remaining outstanding notional
value of the bonds. At 31 December 2025 no amounts on the bonds remained outstanding. The net premium paid on redemption of the bonds of
\u20ac16\u00a0million has been recorded as a charge within Finance costs. In redeeming the bonds, the Group paid accrued interest for the bonds of \u20ac16 million.
9 On 25 March 2025, the Group redeemed upon maturity the senior unsecured \u20ac500 million fixed rate bonds.
Details of the 2028 convertible bonds
On 11 May 2021, the Group issued \u20ac825 million fixed rate 1.125% senior unsecured bonds convertible into ordinary shares of IAG.
The\u00a0convertible bonds raised net proceeds of \u20ac818 million and mature in 2028. The Group holds an option to redeem the convertible
bonds at their principal amount, together with accrued interest, no earlier than two years prior to the final maturity date.
The convertible bonds provide bondholders with dividend protection and included a total of 244,850,715 options at inception and,
following the 2024 interim and final dividends, and the 2025 interim dividend, include 255,117,818 options at 31 December 2025 to
convert into ordinary shares of IAG. The\u00a0Group also holds an option to redeem the convertible bonds, in full or in part, in cash in the
event that bondholders exercise their right to convert the bonds into ordinary shares of\u00a0IAG. The bondholders\u2019 conversion right
is\u00a0currently exercisable.
The convertible bonds are recorded at their fair value, which at 31 December 2025 was \u20ac1,229 million (2024: \u20ac1,016 million),
representing an increase of \u20ac213 million since 1 January 2025. Of this increase, the charge recorded in Other comprehensive income
arising from credit risk of the convertible bonds was \u20ac12 million and the charge recorded within Finance costs in the Income
statement attributable to changes in market conditions was \u20ac201 million.
Undrawn facilities
On 14 June 2024, the Group entered into a five-year $3.0 billion, sustainability-linked, secured Revolving Credit Facility, with two
one-year extension options available subject to the approval of lenders, and accessible by British Airways, Iberia and Aer Lingus,
each of which has separate limits. At 31 December 2025 no amounts had been drawn under the facility. While the Group does
not\u00a0forecast drawing down on the Revolving Credit Facility, should it do so the resultant debt would be secured, in the respective
operating companies, against: (i) specific landing rights; or (ii) aircraft; or (iii) a combination of both.
Details of further undrawn facilities are given in note 29f.
Transactions with unconsolidated entities
The Group has entered into asset financing transactions with unconsolidated entities as follows:
\u2022 The British Airways Pass Through Certificates, Series 2019-1, were entered into in the third quarter of 2019, recognising Asset
financed liabilities of \u20ac725 million for eight aircraft that mature between 2029 and 2034;
\u2022 The British Airways Pass Through Certificates, Series 2020-1, were entered into in the fourth quarter of 2020, recognising Asset
financed liabilities of \u20ac472 million for nine aircraft that mature between 2028 and 2032;
\u2022 The British Airways Pass Through Certificates, Series 2021-1, were entered into in the third quarter of 2021, recognising Asset
financed liabilities of \u20ac204 million for seven aircraft that mature between 2031 and 2035;
\u2022 The Iberia Pass Through Certificates, Series 2022-1, were entered into in April 2022, recognising Asset financed liabilities
of\u00a0\u20ac680\u00a0million for five aircraft that mature between 2032 and 2036;
\u2022 The British Airways Pass Through Certificates, Series 2022-1, were entered into in October 2022, recognising Asset financed
liabilities of \u20ac159 million for four aircraft that mature between 2032 and 2036; and
\u2022 There have been no asset financing transactions with unconsolidated entities during the years to 31 December 2025 and
31 December 2024.
As at 31 December 2025, Asset financed liabilities include cumulative amounts of \u20ac2,114 million (2024: \u20ac 2,956 million) and the
associated assets recorded within Property, plant and equipment include cumulative amounts of \u20ac1,075 million (2024: \u20ac2,076
million) associated with transactions with unconsolidated structured entities having issued EETCs.
c Total loans, convertible bonds, asset financed liabilities and lease liabilities
Million
2025
2024
Loans
Bank:
US dollar
$9
$38
Euro
\u20ac50
\u20ac75
\u20ac58
\u20ac110
Fixed rate bonds:
Euro
\u20ac691
\u20ac1,785
\u20ac691
\u20ac1,785
Convertible bonds
Euro
\u20ac1,229
\u20ac1,016
\u20ac1,229
\u20ac1,016
Asset financed liabilities
US dollar
$3,658
$3,977
Euro
\u20ac1,993
\u20ac1,730
Japanese yen
\u00a535,375
\u00a535,051
\u20ac5,294
\u20ac5,788
Lease liabilities
US dollar
$6,224
$6,873
Euro
\u20ac558
\u20ac799
Japanese yen
\u00a539,813
\u00a558,881
Pound sterling
\u00a3790
\u00a3696
\u20ac6,995
\u20ac8,646
Total interest-bearing borrowings
\u20ac14,267
\u20ac17,345
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-789": { "value": "
a Total borrowings
2025
2024
\u20ac million
Current
Non-current
Total
Current
Non-current
Total
Bank and other loans
57
692
749
601
1,294
1,895
Convertible bonds
1,229
\u2013
1,229
1,016
\u2013
1,016
Asset financed liabilities
363
4,931
5,294
381
5,407
5,788
Lease liabilities
1,397
5,598
6,995
1,477
7,169
8,646
Interest-bearing long-term borrowings
3,046
11,221
14,267
3,475
13,870
17,345
Long-term borrowings of the Group amounting to \u20ac5,334 million (31 December 2024 : \u20ac5,853 million) are secured on owned fleet
assets with a net book value of \u20ac 5,476 million (31 December 2024: \u20ac5,958 million). All asset financed liabilities, which are included
in\u00a0long-term borrowings, are secured on the associated aircraft or other property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-790": { "value": "
27 Provisions
Significant accounting judgement applied \u2013 Restoration and handback provisions: determination of accounting policy for leased
aircraft
IFRS 16 does not address the accounting for maintenance, restoration and handback provisions that arise through the usage of\u00a0the
underlying asset and, accordingly, the Group has applied judgement in applying an accounting policy with regard to the recognition
and subsequent measurement of such provisions for leased aircraft. The Group\u2019s accounting policy for provisions that arise through
usage or through the passage of time is to recognise the associated estimated costs in the Income statement as the underlying asset
is used or through the passage of time. The approach applied by the Group is consistent with the majority of major airlines that
prepare their financial statements under IFRS. Were the Group to apply an alternative accounting policy, the financial impact would
be materially different at the balance sheet date. An alternative accounting policy that the Group could have applied was the
components approach, where the Group would capitalise the estimated costs of major maintenance events and depreciate them
until the subsequent maintenance event (or to the end of lease term) and providing over the lease term for any expected cash
compensation for maintenance obligations at the end of the lease. The Group considers that the current accounting policy for
maintenance, restoration and handback activities reflects the obligations under its lease arrangements.
\u20ac million
Restoration
and handback
provisions
Restructuring
provisions
Employee
leaving
indemnities
and other
employee
related
provisions
Legal claims
and
contractual
disputes
provisions
Carbon-
related
obligations1
Other
provisions
Total
Net book value 1 January 2025
3,014
201
842
75
316
53
4,501
Provisions recorded during the year
626
27
39
28
390
29
1,139
Reclassifications
32
\u2013
\u2013
(2)
\u2013
\u2013
30
Utilised during the year
(572)
(45)
(53)
(20)
\u2013
(29)
(719)
Extinguished during the year
\u2013
\u2013
\u2013
\u2013
(320)
\u2013
(320)
Release of unused amounts
(58)
(1)
(34)
(16)
(12)
(4)
(125)
Unwinding of discount
122
4
24
\u2013
\u2013
\u2013
150
Remeasurements
15
(2)
14
\u2013
\u2013
\u2013
27
Exchange differences
(313)
(1)
(1)
(3)
(6)
(1)
(325)
Net book value 31 December 2025
2,866
183
831
62
368
48
4,358
Analysis:
Current
618
83
95
19
298
4
1,117
Non-current
2,248
100
736
43
70
44
3,241
2,866
183
831
62
368
48
4,358
1 The disaggregation of Carbon-related obligations by underlying scheme is presented in note 4f.
Restoration and handback provisions
Provisions for restoration and handback costs are recognised to meet the contractual major maintenance and return conditions
on\u00a0aircraft held under lease. For those obligations arising on inception of an aircraft lease, the associated estimated cost is
capitalised within the ROU asset. For those obligations that arise through usage or through the passage of time, the associated
estimated costs are recognised in the Income statement as the associated asset is used or through the passage of time.
The\u00a0provision is long-term in\u00a0nature.
The provisions also include an amount relating to leased land and buildings where restoration costs are contractually required at the
end of the lease. Such costs are capitalised within ROU assets.
The provisions are determined by discounting the future cash flows using pre-tax risk-free rates specific to the tenor of the provision
and the currency in which it arises. The unwinding of the discounting of the provisions is recorded as a Finance cost in the Income
statement (see note 9a).
Remeasurements arising from changes in estimates relating to the effects of both discounting and inflation are recorded in the
Income statement to the extent they relate to avoidable provisions or are recorded as an adjustment to the ROU asset (see\u00a0note 14)
for those unavoidable provisions.
Where amounts are finalised and the uncertainty relating to these provisions removed, the associated liability is reclassified to either
current or non-current Other creditors, dependent on the expected timing of settlement.
Restructuring provisions
The restructuring provision includes provisions for voluntary redundancies, including the collective redundancy programme
for\u00a0Iberia\u2019s Transformation Plan implemented prior to 2023 and Iberia\u2019s ground-handling restructuring programme implemented
in\u00a02024, which provides for payments to affected employees until they reach the statutory retirement age. The amounts provided
for have been determined by actuarial valuations made by independent actuaries and were based on the same assumptions as those
made to\u00a0determine the provisions for obligations to flight crew below, with the exception of the discount rates, which were 2.5%
and\u00a02.4%, respectively. The payments related to these provisions are expected to continue through to 2032.
At 31 December 2025, \u20ac183 million of this provision related to collective redundancy programmes (2024: \u20ac199 million).
Employee leaving indemnities and other employee related provisions
This provision includes employee leaving indemnities relating to staff under various contractual arrangements. As part of these
provisions, the Group recognises provisions relating to the Iberia flight crew (both pilots and cabin crew):
\u2022 Pilots \u2013 under the relevant collective bargaining agreement, pilots have the option at the age of 60 to elect to: continue in full-time
employment; being placed on reserve and retaining their employment relationship until reaching the statutory retirement age (referred
to as \u2018active\u2019); or, alternatively, taking early retirement (referred to as \u2018inactive\u2019). Additionally in certain cases, those pilots from the age
of 55 may apply for retaining their employment relationship, but with reduced activity (referred to as \u2018special leave\u2019); and
\u2022 Cabin crew \u2013 under the relevant collective bargaining agreement, cabin crew have the option at the age of 62 to elect to: continue
in full-time employment; being transferred to active status; or being transferred to inactive status. Additionally in certain cases,
cabin crew employees from the age of 57 may apply for \u2018special leave\u2019.
The Group is required to remunerate these employees until they reach the statutory retirement age. In determining the provision
to\u00a0be recognised for the proportion of employees that will elect either special leave or to be inactive, the Group estimates a number
of financial assumptions, including, but not limited to: (i) medium- to long-term salary growth and inflation; (ii) the discount rate
to\u00a0apply; (iii) the rate of public social security growth; (iv) mortality rates; and (v) staff turnover.
The provision was reassessed at 31 December 2025 with the use of independent actuaries using the projected unit credit method,
based on a discount rate consistent with the iBoxx index of 3.88% for active employees and 2.55% for inactive employees
(2024:\u00a0iBoxx index of 3.24% and 2.80%, respectively), the PER_Col_2020.1er.orden. mortality tables, and assuming contractual salary
increases of up\u00a0to 2.0% per annum for each of 2026 and 2027 and then 2.0% per annum thereafter derived from increases in the
Consumer Price Index (CPI). At 31 December 2025, there were a total of 5,418 flight crew (31 December 2024: 5,594) eligible for
making such elections when they reach the age of 60. At 31 December 2025, there were 846 employees who had not reached the
age of retirement, and eligible to elect for early retirement (\u2018special leave\u2019) and who had elected to become inactive (31 December
2024: 638). In addition, at 31 December 2025, there were 20 employees having reached the age of retirement and had elected
to\u00a0become inactive (31 December 2024: 23).
At 31 December 2025, the average length of employment of the eligible flight crew was 16 years (31 December 2024: 16 years).
This\u00a0is mainly a long-term provision. Remeasurements in the valuation of this provision are recorded in Other comprehensive income.
The amount relating to this provision was \u20ac778 million at 31 December 2025 (2024: \u20ac780 million).
Legal claims and contractual disputes provisions
Legal claims and contractual disputes provisions include:
\u2022 Amounts for multi-party claims from groups of employees on a number of matters related to their employment, including claims
for additional holiday pay and for age discrimination;
\u2022 Amounts related to ongoing contractual disputes arising from the Group\u2019s operations; and
\u2022 Amounts related to investigations by a number of competition authorities in connection with alleged anti-competitive activity
concerning the Group\u2019s passenger and cargo businesses.
The final amount required to settle the remaining claims and fines is subject to uncertainty.
Carbon-related obligations
Carbon-related obligations relate to the Emissions Trading Systems/Schemes and the CORSIA for CO2 equivalent emitted on flights
within the EU, Switzerland, the UK and globally. Those obligations related to Emissions Trading Systems/Schemes are due to be
extinguished in the year subsequent to the balance sheet date through settlement with the relevant authorities. Those obligations
related to the CORSIA are expected to be retired in 2028. See notes 2 and 4 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-791": { "value": "
Significant accounting judgement applied \u2013 Restoration and handback provisions: determination of accounting policy for leased
aircraft
IFRS 16 does not address the accounting for maintenance, restoration and handback provisions that arise through the usage of\u00a0the
underlying asset and, accordingly, the Group has applied judgement in applying an accounting policy with regard to the recognition
and subsequent measurement of such provisions for leased aircraft. The Group\u2019s accounting policy for provisions that arise through
usage or through the passage of time is to recognise the associated estimated costs in the Income statement as the underlying asset
is used or through the passage of time. The approach applied by the Group is consistent with the majority of major airlines that
prepare their financial statements under IFRS. Were the Group to apply an alternative accounting policy, the financial impact would
be materially different at the balance sheet date. An alternative accounting policy that the Group could have applied was the
components approach, where the Group would capitalise the estimated costs of major maintenance events and depreciate them
until the subsequent maintenance event (or to the end of lease term) and providing over the lease term for any expected cash
compensation for maintenance obligations at the end of the lease. The Group considers that the current accounting policy for
maintenance, restoration and handback activities reflects the obligations under its lease arrangements.
Restoration and handback provisions
Provisions for restoration and handback costs are recognised to meet the contractual major maintenance and return conditions
on\u00a0aircraft held under lease. For those obligations arising on inception of an aircraft lease, the associated estimated cost is
capitalised within the ROU asset. For those obligations that arise through usage or through the passage of time, the associated
estimated costs are recognised in the Income statement as the associated asset is used or through the passage of time.
The\u00a0provision is long-term in\u00a0nature.
The provisions also include an amount relating to leased land and buildings where restoration costs are contractually required at the
end of the lease. Such costs are capitalised within ROU assets.
The provisions are determined by discounting the future cash flows using pre-tax risk-free rates specific to the tenor of the provision
and the currency in which it arises. The unwinding of the discounting of the provisions is recorded as a Finance cost in the Income
statement (see note 9a).
Remeasurements arising from changes in estimates relating to the effects of both discounting and inflation are recorded in the
Income statement to the extent they relate to avoidable provisions or are recorded as an adjustment to the ROU asset (see\u00a0note 14)
for those unavoidable provisions.
Where amounts are finalised and the uncertainty relating to these provisions removed, the associated liability is reclassified to either
current or non-current Other creditors, dependent on the expected timing of settlement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-792": { "value": "
29 Financial risk management objectives and policies
The Group is exposed to a variety of financial risks: market risk (including fuel price risk, foreign currency risk, interest rate risk),
credit risk, counterparty risk and liquidity risk. The principal impacts of these on the financial statements are discussed below:
a Fuel price risk
The Group is exposed to fuel price risk. In order to mitigate such risk, under the Group\u2019s fuel price risk management strategy a
variety of over the counter derivative instruments are entered into. The Group strategy is to hedge a proportion of fuel consumption
up to three years within the approved hedging profile.
The following table demonstrates the sensitivity of the Group\u2019s principal exposure to a reasonably possible change in the fuel price,
based on current market volatility and with all other variables held constant on the profit before tax and equity1. The sensitivity
analysis has been performed on fuel derivatives (both those designated in hedge relationships and those not designated in hedge
relationships) at the balance sheet date only and is not reflective of the impact had the sensitised rates been applied through the
duration of the years to 31 December 2025 and 2024.
2025
2024
Increase/(decrease)
in fuel price
%
Effect on profit
before tax
\u20ac million
Effect on
equity
\u20ac million
Increase/(decrease)
in fuel price
%
Effect on profit
before tax
\u20ac million
Effect on
equity
\u20ac million
40
\u2013
1,648
40
\u2013
2,079
(40)
\u2013
(1,517)
(40)
\u2013
(1,865)
1 The sensitivity analysis on equity excludes the sensitivity a mounts recognised in the profit before tax.
At 31 December 2025, the fair value of fuel net liability derivative instruments was \u20ac314 million (2024: net liability\u00a0of \u20ac189 million),
representing a movement of \u20ac125 million since 1 January 2025. Of the carrying amount of the net liability at 31 December 2025,
all\u00a0(2024: all) of the associated derivatives were designated within hedge relationships.
b Foreign currency risk
The Group is exposed to foreign currency risk on revenue, purchases and borrowings that are denominated in a currency other
than\u00a0the functional currency of each of the Group\u2019s operating companies, being pound sterling and the euro. The currencies in which
these transactions are denominated are primarily US dollar, pound sterling and the euro. The Group has a number of strategies
to\u00a0hedge foreign currency risk including hedging a proportion of its foreign currency sales and purchases for up to three years.
The following table demonstrates the sensitivity of the Group\u2019s principal foreign exchange exposure to a reasonably possible change
in the US dollar, pound sterling and Japanese yen exchange rates, based on current market volatility and with all other variables
held\u00a0constant on the profit before tax and equity1. The sensitivity analysis has been performed on interest-bearing liabilities,
lease\u00a0liabilities and derivatives (both those designated in hedge relationships and those not designated in hedge relationships)
denominated in foreign currencies at the balance sheet date only and is not reflective of the impact had the sensitised rates been
applied through the duration of the years to 31 December 2025 and 2024 .
Strengthening/
(weakening) in US
dollar rate
%
Effect on
profit
before tax
\u20ac million
Effect on
equity
\u20ac million
Strengthening/
(weakening) in
pound
sterling rate
%
Effect on
profit
before tax
\u20ac million
Effect on
equity
\u20ac million
Strengthening/
(weakening) in
Japanese yen rate
%
Effect on
profit
before tax
\u20ac million
Effect on
equity
\u20ac million
2025
15
408
882
15
6
351
15
(1)
(11)
(15)
(403)
(935)
(15)
(5)
(351)
(15)
1
11
2024
20
404
975
20
(13)
394
20
(1)
(21)
(20)
(404)
(969)
(20)
13
(394)
(20)
1
21
1 The sensitivity analysis on equity excludes the sensitivity amounts recognised in the profit before tax.
At 31 December 2025, the fair value of foreign currency net liability derivative instruments was \u20ac 567 million (2024: net asset of
\u20ac505\u00a0million), representing a movement of \u20ac1,072 million since 1 January 2025. These comprise both derivatives designated in hedge
relationships and those derivatives that are not designated in a hedge relationship at inception. Of the carrying amount of the net
liability at 31 December 2025, \u20ac217 million (2024: net asset of \u20ac191 million) of the associated derivatives were designated within
hedge relationships. Those derivatives not designated in a hedge relationship on inception have their mark-to-market movements
recorded directly in the Income statement and recognised within Other non-operating (charges)/credits and Net currency
retranslation credits/(charges).
c Interest rate risk
The Group is exposed to changes in interest rates on debt and on cash deposits. In order to mitigate the interest rate risk, the Group\u2019s
policies allow a variety of over the counter derivative instruments to be entered into.
The following table demonstrates the sensitivity of the Group\u2019s interest rate exposure to a reasonably possible change in euro
interest rates, based on expectations regarding forward rate movements, on the profit before tax and equity1. The sensitivity analysis
has been performed on interest rate derivatives (both those designated in hedge relationships and those not designated in hedge
relationships) at the balance sheet date only and is not reflective of the impact had the sensitised rates been applied through
the\u00a0duration of the years to 31 December 2025 and 2024.
2025
2024
Strengthening/
(weakening) in
euro interest
rate
Basis points
Effect on profit
before tax
\u20ac million
Effect on
equity
\u20ac million
Strengthening/
(weakening) in
euro interest
rate
Basis points
Effect on profit
before tax
\u20ac million
Effect on
equity
\u20ac million
100
(16)
7
100
(17)
9
(100)
16
(5)
(100)
17
(7)
1 The sensitivity analysis on equity excludes the sensitivity amounts recognised in the profit before tax.
At 31 December 2025, the fair value of interest rate net asset derivative instruments was \u20ac7 million (2024: net asset of \u20ac12 million),
representing a movement of \u20ac5 million since 1 January 2025. Of the carrying amount of the net asset at 31 December 2025, all
(2024: all) of the associated derivatives were designated within hedge relationships.
d Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading
to\u00a0a\u00a0financial loss. The Group is exposed to credit risk from its financing activities, including deposits with banks and financial
institutions, foreign exchange transactions and other financial instruments. The Group has policies and procedures to monitor
the\u00a0risk by assigning limits to each counterparty by underlying exposure and by operating company and by only entering into
transactions with counterparties with a very low credit risk.
At each period end, the Group assesses the effect of counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivatives
and any ineffectiveness arising is immediately recognised in the Income statement within Other non-operating (charges)/credits.
e Counterparty risk
The Group is exposed to non-performance by its counterparties in respect of financial assets receivable. The Group has policies
and\u00a0procedures to monitor the risk by assigning limits to each counterparty by underlying exposure and by operating company.
The\u00a0underlying\u00a0exposures are monitored on a daily basis and the overall exposure limit by counterparty is periodically reviewed
by\u00a0using available market information.
The financial assets recognised in the financial statements, net of impairment losses (if any), represent the Group\u2019s maximum
exposure to credit risk, without taking into account any guarantees in place or other credit enhancements.
At 31 December 2025 and 2024 the Group\u2019s credit risk position, allocated by region, in respect of treasury managed cash and
derivatives was as follows:
Mark-to-market of treasury
controlled financial
instruments allocated
by\u00a0geography
Region
2025
2024
United Kingdom
41%
39%
Spain
1%
2%
Ireland
24%
25%
Rest of eurozone
24%
27%
Rest of world
10%
7%
f Liquidity risk
The Group invests cash in interest-bearing accounts, time deposits and money market funds, choosing instruments with appropriate
maturities or liquidity to retain sufficient headroom to readily generate cash inflows required to manage liquidity risk. The Group
also\u00a0has committed revolving credit facilities.
The Group held the following committed undrawn general and committed aircraft financing facilities:
2025
Million
Currency
\u20ac equivalent
Committed general facilities1
Euro facilities expiring between March and April 2025
\u20ac60
60
US dollar facilities expiring June 2029 2
$3,000
2,556
2,616
2024
Million
Currency
\u20ac equivalent
Committed general facilities1
Euro facilities expiring between March and April 2025
\u20ac120
120
Euro facility expiring March 2025 2
\u20ac350
350
US dollar facilities expiring June 2029 2
$3,000
2,874
3,344
Committed aircraft facilities
US dollar facilities expiring between May and June 2025 3
$140
134
134
1 The general facilities can be drawn at any time at the discretion of the Group subject to the provision of up to three days\u2019 notice of the intended
utilisation, depending on the facility.
2 Further information regarding these facilities is given in note 26b.
3 At 31 December 2025, the Group had no committed aircraft facilities for specific committed aircraft deliveries (2024: maturing between May
and\u00a0June 2025).
In addition, at 31 December 2025, the Group had undrawn overdraft facilities of \u20ac 13 million (2024: \u20ac56 million).
The following table analyses the Group\u2019s (outflows) and inflows in respect of financial liabilities and derivative financial instruments
into relevant maturity groupings based on the remaining period at 31 December to the contractual maturity date. The amounts
disclosed in the table are the contractual undiscounted cash flows and include interest.
\u20ac million
Within
6\u00a0months
6-12
months
1-2
years
2-5
years
More than
5\u00a0years
Total 2025
Interest-bearing loans and borrowings:
Asset financing liabilities
(239)
(239)
(481)
(1,737)
(3,525)
(6,221)
Lease liabilities
(775)
(707)
(1,342)
(2,759)
(4,329)
(9,912)
Fixed rate borrowings
(17)
(25)
(220)
(1,383)
\u2013
(1,645)
Floating rate borrowings
(13)
(13)
(16)
\u2013
\u2013
(42)
Trade and other payables
(5,721)
\u2013
(395)
\u2013
\u2013
(6,116)
Derivative financial instruments (assets):
Interest rate derivatives
3
2
2
1
\u2013
8
Foreign exchange contracts
36
14
16
4
\u2013
70
Fuel derivatives
12
7
5
\u2013
\u2013
24
Derivative financial instruments (liabilities):
Interest rate derivatives
(1)
\u2013
\u2013
\u2013
\u2013
(1)
Foreign exchange contracts
(223)
(216)
(186)
(28)
\u2013
(653)
Fuel derivatives
(88)
(87)
(134)
(35)
\u2013
(344)
31 December 2025
(7,026)
(1,264)
(2,751)
(5,937)
(7,854)
(24,832)
\u20ac million
Within 6
months
6-12
months
1-2
years
2-5
years
More than 5
years
Total 2024
Interest-bearing loans and borrowings:
Asset financing liabilities
(266)
(262)
(524)
(1,795)
(3,901)
(6,748)
Lease liabilities
(801)
(805)
(1,550)
(3,468)
(4,783)
(11,407)
Fixed rate borrowings
(576)
(14)
(56)
(2,186)
\u2013
(2,832)
Floating rate borrowings
(14)
(13)
(26)
(16)
\u2013
(69)
Trade and other payables
(6,149)
\u2013
(401)
\u2013
\u2013
(6,550)
Derivative financial instruments (assets):
Interest rate derivatives
6
3
4
1
\u2013
14
Foreign exchange contracts
203
174
201
20
\u2013
598
Fuel derivatives
5
9
13
1
\u2013
28
Derivative financial instruments (liabilities):
Interest rate derivatives
(1)
\u2013
(1)
\u2013
\u2013
(2)
Foreign exchange contracts
(56)
(12)
(13)
\u2013
\u2013
(81)
Fuel derivatives
(64)
(64)
(61)
(36)
\u2013
(225)
31 December 2024
(7,713)
(984)
(2,414)
(7,479)
(8,684)
(27,274)
g Offsetting financial assets and liabilities
The Group enters into derivative transactions under ISDA (International Swaps and Derivatives Association) documentation.
In\u00a0general, under such agreements the amounts owed by each counterparty on a single day in respect of all transactions outstanding
are aggregated into a single net amount that is payable by one party to the other.
The following financial assets and liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements.
31 December 2025
\u20ac million
Gross value of
financial
instruments
Gross
amounts set
off in the
Balance sheet1
Net amounts
of financial
instruments in
the Balance
sheet
Related
amounts not
offset in the
Balance sheet1
Net amount
Financial assets
Derivative financial assets
149
(48)
101
(17)
84
Financial liabilities
Derivative financial liabilities
1,023
(48)
975
(17)
958
31 December 2024
\u20ac million
Gross value of
financial
instruments
Gross
amounts set
off in the
Balance sheet1
Net amounts
of financial
instruments in
the Balance
sheet
Related
amounts not
offset in the
Balance sheet1
Net amount
Financial assets
Derivative financial assets
679
(55)
624
(6)
618
Financial liabilities
Derivative financial liabilities
351
(55)
296
(6)
290
1 The Group has pledged cash and cash equivalents as collateral against certain of its derivative financial liabilities. As at 31 December 2025, the Group
recognised \u20ac48 million of collateral (2024: \u20ac55 million) offset in the Balance sheet and \u20ac17 million (2024: \u20ac6 million) not offset in the Balance sheet.
h Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to maintain
an\u00a0optimal capital structure, to reduce the cost of capital and to provide returns to shareholders.
The Group monitors capital on the basis of both the Gross debt to EBITDA before exceptional items ratio and the Net debt to
EBITDA before exceptional items ratio. For the year to 31 December 2025, Gross debt to EBITDA before exceptional items
was\u00a01.9\u00a0times (2024: 2.5 times) and Net debt to EBITDA before exceptional items was 0.8 times (2024: 1.1 times). The definition
and\u00a0calculation for these performance measures are included in the Alternative performance measures section.
Further detail on liquidity and capital resources and capital risk management is disclosed in the going concern section in note 2 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-793": { "value": "
a Fuel price risk
The Group is exposed to fuel price risk. In order to mitigate such risk, under the Group\u2019s fuel price risk management strategy a
variety of over the counter derivative instruments are entered into. The Group strategy is to hedge a proportion of fuel consumption
up to three years within the approved hedging profile.
The following table demonstrates the sensitivity of the Group\u2019s principal exposure to a reasonably possible change in the fuel price,
based on current market volatility and with all other variables held constant on the profit before tax and equity1. The sensitivity
analysis has been performed on fuel derivatives (both those designated in hedge relationships and those not designated in hedge
relationships) at the balance sheet date only and is not reflective of the impact had the sensitised rates been applied through the
duration of the years to 31 December 2025 and 2024.
2025
2024
Increase/(decrease)
in fuel price
%
Effect on profit
before tax
\u20ac million
Effect on
equity
\u20ac million
Increase/(decrease)
in fuel price
%
Effect on profit
before tax
\u20ac million
Effect on
equity
\u20ac million
40
\u2013
1,648
40
\u2013
2,079
(40)
\u2013
(1,517)
(40)
\u2013
(1,865)
1 The sensitivity analysis on equity excludes the sensitivity a mounts recognised in the profit before tax.
At 31 December 2025, the fair value of fuel net liability derivative instruments was \u20ac314 million (2024: net liability\u00a0of \u20ac189 million),
representing a movement of \u20ac125 million since 1 January 2025. Of the carrying amount of the net liability at 31 December 2025,
all\u00a0(2024: all) of the associated derivatives were designated within hedge relationships.
b Foreign currency risk
The Group is exposed to foreign currency risk on revenue, purchases and borrowings that are denominated in a currency other
than\u00a0the functional currency of each of the Group\u2019s operating companies, being pound sterling and the euro. The currencies in which
these transactions are denominated are primarily US dollar, pound sterling and the euro. The Group has a number of strategies
to\u00a0hedge foreign currency risk including hedging a proportion of its foreign currency sales and purchases for up to three years.
The following table demonstrates the sensitivity of the Group\u2019s principal foreign exchange exposure to a reasonably possible change
in the US dollar, pound sterling and Japanese yen exchange rates, based on current market volatility and with all other variables
held\u00a0constant on the profit before tax and equity1. The sensitivity analysis has been performed on interest-bearing liabilities,
lease\u00a0liabilities and derivatives (both those designated in hedge relationships and those not designated in hedge relationships)
denominated in foreign currencies at the balance sheet date only and is not reflective of the impact had the sensitised rates been
applied through the duration of the years to 31 December 2025 and 2024 .
Strengthening/
(weakening) in US
dollar rate
%
Effect on
profit
before tax
\u20ac million
Effect on
equity
\u20ac million
Strengthening/
(weakening) in
pound
sterling rate
%
Effect on
profit
before tax
\u20ac million
Effect on
equity
\u20ac million
Strengthening/
(weakening) in
Japanese yen rate
%
Effect on
profit
before tax
\u20ac million
Effect on
equity
\u20ac million
2025
15
408
882
15
6
351
15
(1)
(11)
(15)
(403)
(935)
(15)
(5)
(351)
(15)
1
11
2024
20
404
975
20
(13)
394
20
(1)
(21)
(20)
(404)
(969)
(20)
13
(394)
(20)
1
21
1 The sensitivity analysis on equity excludes the sensitivity amounts recognised in the profit before tax.
At 31 December 2025, the fair value of foreign currency net liability derivative instruments was \u20ac 567 million (2024: net asset of
\u20ac505\u00a0million), representing a movement of \u20ac1,072 million since 1 January 2025. These comprise both derivatives designated in hedge
relationships and those derivatives that are not designated in a hedge relationship at inception. Of the carrying amount of the net
liability at 31 December 2025, \u20ac217 million (2024: net asset of \u20ac191 million) of the associated derivatives were designated within
hedge relationships. Those derivatives not designated in a hedge relationship on inception have their mark-to-market movements
recorded directly in the Income statement and recognised within Other non-operating (charges)/credits and Net currency
retranslation credits/(charges).
c Interest rate risk
The Group is exposed to changes in interest rates on debt and on cash deposits. In order to mitigate the interest rate risk, the Group\u2019s
policies allow a variety of over the counter derivative instruments to be entered into.
The following table demonstrates the sensitivity of the Group\u2019s interest rate exposure to a reasonably possible change in euro
interest rates, based on expectations regarding forward rate movements, on the profit before tax and equity1. The sensitivity analysis
has been performed on interest rate derivatives (both those designated in hedge relationships and those not designated in hedge
relationships) at the balance sheet date only and is not reflective of the impact had the sensitised rates been applied through
the\u00a0duration of the years to 31 December 2025 and 2024.
2025
2024
Strengthening/
(weakening) in
euro interest
rate
Basis points
Effect on profit
before tax
\u20ac million
Effect on
equity
\u20ac million
Strengthening/
(weakening) in
euro interest
rate
Basis points
Effect on profit
before tax
\u20ac million
Effect on
equity
\u20ac million
100
(16)
7
100
(17)
9
(100)
16
(5)
(100)
17
(7)
1 The sensitivity analysis on equity excludes the sensitivity amounts recognised in the profit before tax.
At 31 December 2025, the fair value of interest rate net asset derivative instruments was \u20ac7 million (2024: net asset of \u20ac12 million),
representing a movement of \u20ac5 million since 1 January 2025. Of the carrying amount of the net asset at 31 December 2025, all
(2024: all) of the associated derivatives were designated within hedge relationships.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-794": { "value": "
b Foreign currency risk
The Group is exposed to foreign currency risk on revenue, purchases and borrowings that are denominated in a currency other
than\u00a0the functional currency of each of the Group\u2019s operating companies, being pound sterling and the euro. The currencies in which
these transactions are denominated are primarily US dollar, pound sterling and the euro. The Group has a number of strategies
to\u00a0hedge foreign currency risk including hedging a proportion of its foreign currency sales and purchases for up to three years.
The following table demonstrates the sensitivity of the Group\u2019s principal foreign exchange exposure to a reasonably possible change
in the US dollar, pound sterling and Japanese yen exchange rates, based on current market volatility and with all other variables
held\u00a0constant on the profit before tax and equity1. The sensitivity analysis has been performed on interest-bearing liabilities,
lease\u00a0liabilities and derivatives (both those designated in hedge relationships and those not designated in hedge relationships)
denominated in foreign currencies at the balance sheet date only and is not reflective of the impact had the sensitised rates been
applied through the duration of the years to 31 December 2025 and 2024 .
Strengthening/
(weakening) in US
dollar rate
%
Effect on
profit
before tax
\u20ac million
Effect on
equity
\u20ac million
Strengthening/
(weakening) in
pound
sterling rate
%
Effect on
profit
before tax
\u20ac million
Effect on
equity
\u20ac million
Strengthening/
(weakening) in
Japanese yen rate
%
Effect on
profit
before tax
\u20ac million
Effect on
equity
\u20ac million
2025
15
408
882
15
6
351
15
(1)
(11)
(15)
(403)
(935)
(15)
(5)
(351)
(15)
1
11
2024
20
404
975
20
(13)
394
20
(1)
(21)
(20)
(404)
(969)
(20)
13
(394)
(20)
1
21
1 The sensitivity analysis on equity excludes the sensitivity amounts recognised in the profit before tax.
At 31 December 2025, the fair value of foreign currency net liability derivative instruments was \u20ac 567 million (2024: net asset of
\u20ac505\u00a0million), representing a movement of \u20ac1,072 million since 1 January 2025. These comprise both derivatives designated in hedge
relationships and those derivatives that are not designated in a hedge relationship at inception. Of the carrying amount of the net
liability at 31 December 2025, \u20ac217 million (2024: net asset of \u20ac191 million) of the associated derivatives were designated within
hedge relationships. Those derivatives not designated in a hedge relationship on inception have their mark-to-market movements
recorded directly in the Income statement and recognised within Other non-operating (charges)/credits and Net currency
retranslation credits/(charges).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-795": { "value": "
d Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading
to\u00a0a\u00a0financial loss. The Group is exposed to credit risk from its financing activities, including deposits with banks and financial
institutions, foreign exchange transactions and other financial instruments. The Group has policies and procedures to monitor
the\u00a0risk by assigning limits to each counterparty by underlying exposure and by operating company and by only entering into
transactions with counterparties with a very low credit risk.
At each period end, the Group assesses the effect of counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivatives
and any ineffectiveness arising is immediately recognised in the Income statement within Other non-operating (charges)/credits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-796": { "value": "
f Liquidity risk
The Group invests cash in interest-bearing accounts, time deposits and money market funds, choosing instruments with appropriate
maturities or liquidity to retain sufficient headroom to readily generate cash inflows required to manage liquidity risk. The Group
also\u00a0has committed revolving credit facilities.
The Group held the following committed undrawn general and committed aircraft financing facilities:
2025
Million
Currency
\u20ac equivalent
Committed general facilities1
Euro facilities expiring between March and April 2025
\u20ac60
60
US dollar facilities expiring June 2029 2
$3,000
2,556
2,616
2024
Million
Currency
\u20ac equivalent
Committed general facilities1
Euro facilities expiring between March and April 2025
\u20ac120
120
Euro facility expiring March 2025 2
\u20ac350
350
US dollar facilities expiring June 2029 2
$3,000
2,874
3,344
Committed aircraft facilities
US dollar facilities expiring between May and June 2025 3
$140
134
134
1 The general facilities can be drawn at any time at the discretion of the Group subject to the provision of up to three days\u2019 notice of the intended
utilisation, depending on the facility.
2 Further information regarding these facilities is given in note 26b.
3 At 31 December 2025, the Group had no committed aircraft facilities for specific committed aircraft deliveries (2024: maturing between May
and\u00a0June 2025).
In addition, at 31 December 2025, the Group had undrawn overdraft facilities of \u20ac 13 million (2024: \u20ac56 million).
The following table analyses the Group\u2019s (outflows) and inflows in respect of financial liabilities and derivative financial instruments
into relevant maturity groupings based on the remaining period at 31 December to the contractual maturity date. The amounts
disclosed in the table are the contractual undiscounted cash flows and include interest.
\u20ac million
Within
6\u00a0months
6-12
months
1-2
years
2-5
years
More than
5\u00a0years
Total 2025
Interest-bearing loans and borrowings:
Asset financing liabilities
(239)
(239)
(481)
(1,737)
(3,525)
(6,221)
Lease liabilities
(775)
(707)
(1,342)
(2,759)
(4,329)
(9,912)
Fixed rate borrowings
(17)
(25)
(220)
(1,383)
\u2013
(1,645)
Floating rate borrowings
(13)
(13)
(16)
\u2013
\u2013
(42)
Trade and other payables
(5,721)
\u2013
(395)
\u2013
\u2013
(6,116)
Derivative financial instruments (assets):
Interest rate derivatives
3
2
2
1
\u2013
8
Foreign exchange contracts
36
14
16
4
\u2013
70
Fuel derivatives
12
7
5
\u2013
\u2013
24
Derivative financial instruments (liabilities):
Interest rate derivatives
(1)
\u2013
\u2013
\u2013
\u2013
(1)
Foreign exchange contracts
(223)
(216)
(186)
(28)
\u2013
(653)
Fuel derivatives
(88)
(87)
(134)
(35)
\u2013
(344)
31 December 2025
(7,026)
(1,264)
(2,751)
(5,937)
(7,854)
(24,832)
\u20ac million
Within 6
months
6-12
months
1-2
years
2-5
years
More than 5
years
Total 2024
Interest-bearing loans and borrowings:
Asset financing liabilities
(266)
(262)
(524)
(1,795)
(3,901)
(6,748)
Lease liabilities
(801)
(805)
(1,550)
(3,468)
(4,783)
(11,407)
Fixed rate borrowings
(576)
(14)
(56)
(2,186)
\u2013
(2,832)
Floating rate borrowings
(14)
(13)
(26)
(16)
\u2013
(69)
Trade and other payables
(6,149)
\u2013
(401)
\u2013
\u2013
(6,550)
Derivative financial instruments (assets):
Interest rate derivatives
6
3
4
1
\u2013
14
Foreign exchange contracts
203
174
201
20
\u2013
598
Fuel derivatives
5
9
13
1
\u2013
28
Derivative financial instruments (liabilities):
Interest rate derivatives
(1)
\u2013
(1)
\u2013
\u2013
(2)
Foreign exchange contracts
(56)
(12)
(13)
\u2013
\u2013
(81)
Fuel derivatives
(64)
(64)
(61)
(36)
\u2013
(225)
31 December 2024
(7,713)
(984)
(2,414)
(7,479)
(8,684)
(27,274)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-797": { "value": "
g Offsetting financial assets and liabilities
The Group enters into derivative transactions under ISDA (International Swaps and Derivatives Association) documentation.
In\u00a0general, under such agreements the amounts owed by each counterparty on a single day in respect of all transactions outstanding
are aggregated into a single net amount that is payable by one party to the other.
The following financial assets and liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements.
31 December 2025
\u20ac million
Gross value of
financial
instruments
Gross
amounts set
off in the
Balance sheet1
Net amounts
of financial
instruments in
the Balance
sheet
Related
amounts not
offset in the
Balance sheet1
Net amount
Financial assets
Derivative financial assets
149
(48)
101
(17)
84
Financial liabilities
Derivative financial liabilities
1,023
(48)
975
(17)
958
31 December 2024
\u20ac million
Gross value of
financial
instruments
Gross
amounts set
off in the
Balance sheet1
Net amounts
of financial
instruments in
the Balance
sheet
Related
amounts not
offset in the
Balance sheet1
Net amount
Financial assets
Derivative financial assets
679
(55)
624
(6)
618
Financial liabilities
Derivative financial liabilities
351
(55)
296
(6)
290
1 The Group has pledged cash and cash equivalents as collateral against certain of its derivative financial liabilities. As at 31 December 2025, the Group
recognised \u20ac48 million of collateral (2024: \u20ac55 million) offset in the Balance sheet and \u20ac17 million (2024: \u20ac6 million) not offset in the Balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-798": { "value": "
h Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to maintain
an\u00a0optimal capital structure, to reduce the cost of capital and to provide returns to shareholders.
The Group monitors capital on the basis of both the Gross debt to EBITDA before exceptional items ratio and the Net debt to
EBITDA before exceptional items ratio. For the year to 31 December 2025, Gross debt to EBITDA before exceptional items
was\u00a01.9\u00a0times (2024: 2.5 times) and Net debt to EBITDA before exceptional items was 0.8 times (2024: 1.1 times). The definition
and\u00a0calculation for these performance measures are included in the Alternative performance measures section.
Further detail on liquidity and capital resources and capital risk management is disclosed in the going concern section in note 2 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-799": { "value": "
30 Financial instruments
a Financial assets and liabilities by category
The detail of the Group\u2019s financial instruments at 31 December 2025 and 31 December 2024 by nature and classification for
measurement purposes is as follows:
31 December 2025
Financial assets
\u20ac million
Amortised cost
Fair value through
Other
comprehensive
income
Fair value through
Income statement
Non-financial assets
Total
carrying amount by
balance sheet item
Non-current assets
Other equity investments
\u2013
298
\u2013
\u2013
298
Derivative financial instruments
\u2013
\u2013
27
\u2013
27
Other non-current assets
209
\u2013
22
1,296
1,527
Current assets
Trade receivables
1,344
\u2013
\u2013
\u2013
1,344
Other current assets
482
\u2013
\u2013
1,846
2,328
Derivative financial instruments
\u2013
\u2013
74
\u2013
74
Other current interest-bearing deposits
898
\u2013
\u2013
\u2013
898
Cash and cash equivalents
7,421
\u2013
\u2013
\u2013
7,421
Financial liabilities
\u20ac million
Amortised cost
Fair value through
Income statement
Non-financial
liabilities
Total
carrying amount by
balance sheet item
Non-current liabilities
Lease liabilities
5,598
\u2013
\u2013
5,598
Interest-bearing long-term borrowings
5,623
\u2013
\u2013
5,623
Derivative financial instruments
\u2013
371
\u2013
371
Other long-term liabilities
80
\u2013
315
395
Current liabilities
Lease liabilities
1,397
\u2013
\u2013
1,397
Current portion of long-term borrowings
420
1,229
\u2013
1,649
Trade and other payables
4,191
\u2013
1,530
5,721
Derivative financial instruments
\u2013
604
\u2013
604
31 December 2024
Financial assets
\u20ac million
Amortised cost
Fair value through
Other
comprehensive
income
Fair value through
Income statement
Non-financial assets
Total
carrying amount by
balance sheet item
Non-current assets
Other equity investments
\u2013
190
\u2013
\u2013
190
Derivative financial instruments
\u2013
\u2013
229
\u2013
229
Other non-current assets
225
\u2013
4
687
916
Current assets
Trade receivables
1,774
\u2013
\u2013
\u2013
1,774
Other current assets
699
\u2013
\u2013
1,637
2,336
Derivative financial instruments
\u2013
\u2013
395
\u2013
395
Other current interest-bearing deposits
1,639
\u2013
\u2013
\u2013
1,639
Cash and cash equivalents
8,189
\u2013
\u2013
\u2013
8,189
Financial liabilities
\u20ac million
Amortised cost
Fair value through
Income statement
Non-financial
liabilities
Total
carrying amount by
balance sheet item
Non-current liabilities
Lease liabilities
7,169
\u2013
\u2013
7,169
Interest-bearing long-term borrowings
6,701
\u2013
\u2013
6,701
Derivative financial instruments
\u2013
102
\u2013
102
Other long-term liabilities
171
\u2013
230
401
Current liabilities
Lease liabilities
1,477
\u2013
\u2013
1,477
Current portion of long-term borrowings
982
1,016
\u2013
1,998
Trade and other payables
4,746
\u2013
1,403
6,149
Derivative financial instruments
\u2013
194
\u2013
194
b Fair value of financial assets and financial liabilities
The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used
in\u00a0determining the fair values and using the following methods and assumptions:
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted
prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and
those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market
values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments
and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and
counterparty credit risk, respectively.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques.
These\u00a0valuation techniques maximise the use of observable market data where it is available and rely as little as possible on
entity\u2011specific estimates.
Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward
pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility
surface data at the balance sheet date. The fair value of the principal derivative financial assets and liabilities is determined as
follows, incorporating adjustments for own credit risk and counterparty credit risk:
\u2022 Commodity reference contracts including swaps and options transactions re ferenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil;
(iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential; and (vi) Jet fuel Brent crack. The mark-to-market valuation prices
are\u00a0determined by reference to current forward curve and standard option pricing valuation models, with values discounted
to\u00a0the\u00a0balance sheet date based on the corresponding interest rate;
\u2022 Currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models,
with values discounted to the balance sheet date based on the corresponding interest rate; and
\u2022 Interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with
the\u00a0current forward curve.
The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining
contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing
borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation
is\u00a0performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by
the\u00a0associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method
is\u00a0applied. For the methodology used in the determination of the fair value of the investment in Air Europa Holdings, see note 19.
The fair values of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and
trade and other payables approximate their carrying value, largely due to the short-term maturities of these instruments.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2025 are as follows:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
2
\u2013
297
299
298
Other non-current financial assets
\u2013
22
22
44
40
Derivative financial assets:
Interest rate swaps 1
\u2013
8
\u2013
8
8
Foreign exchange contracts 1
\u2013
69
\u2013
69
69
Fuel derivatives 1
\u2013
24
\u2013
24
24
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
5,179
\u2013
5,179
5,294
Fixed rate borrowings
1,916
17
\u2013
1,933
1,937
Floating rate borrowings
\u2013
41
\u2013
41
41
Derivative financial liabilities:
Interest rate derivatives 2
\u2013
1
\u2013
1
1
Foreign exchange contracts 2
\u2013
636
\u2013
636
636
Fuel derivatives 2
\u2013
338
\u2013
338
338
1 Current portion of derivative financial assets is \u20ac74 million.
2 Current portion of derivative financial liabilities is \u20ac604 million.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2024 are set out below:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
1
\u2013
189
190
190
Other non-current financial assets
\u2013
22
4
26
23
Derivative financial assets:
Interest rate swaps 1
\u2013
14
\u2013
14
14
Foreign exchange contracts 1
\u2013
583
\u2013
583
583
Fuel derivatives 1
\u2013
27
\u2013
27
27
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
5,400
\u2013
5,400
5,788
Fixed rate borrowings
2,762
45
\u2013
2,807
2,845
Floating rate borrowings
\u2013
66
\u2013
66
66
Derivative financial liabilities:
Interest rate derivatives 2
\u2013
2
\u2013
2
2
Foreign exchange contracts 2
\u2013
78
\u2013
78
78
Fuel derivatives 2
\u2013
216
\u2013
216
216
1 Current portion of derivative financial assets is \u20ac395 million.
2 Current portion of derivative financial liabilities is \u20ac194 million.
There have been no transfers between the levels of fair value hierarchy during the year.
Financial assets, other equity instruments, financial liabilities and derivative financial assets and liabilities are all measured at fair value
in the consolidated financial statements. Interest-bearing borrowings, with the exception of the \u20ac825 million convertible bonds due
2028, which are measured at fair value, are measured at amortised cost.
c Level 3 financial assets reconciliation
The following table summarises key movements in Level 3 financial assets:
\u20ac million
2025
2024
Opening balance for the year
189
187
Additions
58
20
Net gains/(losses) recognised in Other comprehensive income
51
(19)
Exchange movement
(1)
1
Closing balance for the year
297
189
d Hedges
i Cash flow hedges
At 31 December 2025, the Group\u2019s principal risk management activities that were hedging future forecast transactions were:
\u2022 Foreign exchange contracts, hedging foreign currency exchange risk on cash inflows and certain operational payments.
Remeasurement gains and losses on the derivatives are (i) recognised in equity and transferred to the Income statement, where
the hedged item is recorded directly in the Income statement, to the same caption as the underlying hedged item is classified;
(ii)\u00a0recognised in equity and transferred to the Balance sheet, where the hedged item is a non-financial asset or liability, and
recorded to the Balance sheet to the same caption as the hedged item is recognised; and (iii) recognised in equity and transferred
to the Income statement, where the hedged item is a financial asset or liability, at the same time as the financial asset or liability
is\u00a0recorded in the Income statement. Reclassification gains and losses on derivatives, arising from the discontinuance of hedge
accounting, are recognised in the Income statement when the future transaction is no longer expected to occur and recorded
in\u00a0the relevant Income statement caption to which the hedged item is classified;
\u2022 Crude, gas oil and jet kerosene derivative contracts, hedging price risk on fuel expenditure. Remeasurement gains and losses
on\u00a0the derivatives are: (i) recognised in equity and transferred to the Income statement within Fuel costs and emissions charges
to\u00a0match against the related fuel cash outflow, where the underlying hedged item does not give rise to the recognition of fuel
inventory; and (ii) recognised in equity and transferred to the Balance sheet within Inventory, where the underlying hedged item
is\u00a0fuel inventory. Gains and losses recorded within Inventory are recognised in the Income statement when the underlying fuel
inventory is consumed, within Fuel costs and emission charges. Reclassification gains and losses on derivatives, arising from
the\u00a0discontinuance of hedge accounting, are recognised in the Income statement within Fuel costs and emissions charges when
the future transaction is no longer expected to occur;
\u2022 Interest rate contracts, hedging interest rate risk on floating rate debt and certain operational payments. Remeasurement gains
and losses on the derivatives are recognised in equity and transferred to the Income statement within Interest expense; and
\u2022 Future loan repayments denominated in foreign currency which are designated in a hedge relationship in order to hedge foreign
exchange fluctuations on revenue cash inflows. Remeasurement gains and losses on the associated loans are recognised in equity
and transferred to the Balance sheet, where the hedged item is a non-financial asset or liability when the loan repayments are
made (generally in instalments over the life of the loan).
ii Losses in respect of cash flow hedges included within equity
The amounts included in equity are summarised below:
\u20ac million
2025
2024
Loan repayments to hedge future revenue
35
(42)
Foreign exchange contracts to hedge future revenue and expenditure 1
322
(169)
Crude, gas oil and jet kerosene derivative contracts 1
250
229
Derivatives used to hedge interest rates 1
14
11
Instruments for which hedge accounting no longer applies 1, 2
32
40
653
69
Related deferred tax credit
(167)
(17)
Total amount included within equity
486
52
1 The carrying value of derivative instruments recognised in assets and liabilities is analysed in parts a and b of this note.
2 Relates to previously terminated hedge relationships for which the underlying forecast transactions are expected to occur.
iii Notional amounts of significant financial instruments used as cash flow hedging instruments
Notional principal amounts
\u20ac million
Average
hedge rate
Hedge range
Within
1 year
1-2
years
2-5
years
5+
years
Total 31
December
2025
Foreign exchange contracts to hedge
future revenue and expenditure from US
dollars to pounds sterling1
1.30
1.20 to 1.37
3,277
1,656
610
\u2013
5,543
Foreign exchange contracts to hedge
future revenue and expenditure from US
dollars to euros 1
1.15
1.03 to 1.26
1,667
1,371
830
\u2013
3,868
Foreign exchange contracts to hedge
future revenue and expenditure from euros
to pounds sterling1
1.20
1.08 to 1.42
521
537
529
768
2,355
Fuel commodity price contracts to hedge
future US dollar fuel expenditure 2
600
457 to 1,100
2,785
1,175
666
\u2013
4,626
Interest rate contracts to hedge future
interest expenditure 3,4
1.21
(0.06) to 3.90
1,443
591
9
\u2013
Notional principal amounts
\u20ac million
Average
hedge rate
Hedge range
Within
1 year
1-2
years
2-5
years
5+
years
Total 31
December
2024
Foreign exchange contracts to hedge future
revenue and expenditure from US dollars to
pounds sterling1
1.26
1.16 to 1.34
3,716
1,352
206
\u2013
5,274
Foreign exchange contracts to hedge future
revenue and expenditure from US dollars to
euros 1
1.11
1.04 to 1.19
1,907
959
295
\u2013
3,161
Foreign exchange contracts to hedge future
revenue and expenditure from euros to
pounds sterling1
1.25
1.11 to 1.42
561
386
452
731
2,130
Fuel commodity price contracts to hedge
future US dollar fuel expenditure 2
670
489 to 1,200
4,219
1,735
883
\u2013
6,837
Interest rate contracts to hedge future
interest expenditure 3,4
1.87
(0.06) to 3.90
2,052
509
149
\u2013
1 Expenditure includes both operating and capital expenditure.
2 Notional amounts of fuel commodity price hedging instruments at 31 December 2025 represent 10.0 million metric tonnes of jet fuel equivalent
(31 December 2024: 10.0 million metric tonnes), and the hedge range is expressed as the US dollar price per metric tonne, which for those products
typically priced in barrels, has been determined using a conversion factor of 7.88.
3 The hedge range for interest rate contracts is expressed as a percentage.
4 The notional amount of interest rate contracts at 31 December 2025 was \u20ac835 million (31 December 2024: \u20ac1,742 million). Amounts included reflect
the notional amortising amounts outstanding at the end of each period and align with the profiles of the underlying hedged items.
iv Movements recorded in the cash flow hedge reserve
A schedule of the movements recorded in the cash flow hedge reserve is set out below:
Amounts recognised in the Income statement
For the year to 31 December 2025
\u20ac million
Ineffectiveness1
Reclassified to
the Income
statement
Total
recognised
movements
Fair value
movements
recognised in
Other
comprehensive
income2
Amounts
transferred to
the Balance
sheet
Foreign exchange contracts to hedge future revenue and
expenditure
\u2013
(58)
(58)
539
19
Crude, gas oil and jet kerosene derivative contracts
(1)
(52)
(53)
71
10
Derivatives used to hedge interest rates
\u2013
2
2
1
\u2013
Loan repayments to hedge future revenue
\u2013
\u2013
\u2013
85
(8)
Instruments for which hedge accounting no longer applies
\u2013
\u2013
\u2013
\u2013
(5)
(1)
(108)
(109)
696
16
Related deferred tax
29
(180)
(3)
Total movements recorded in the cash flow hedge reserve
(80)
516
13
Amounts recognised in the Income statement
For the year to 31 December 2024
\u20ac million
Ineffectiveness1
Reclassified to
the Income
statement
Total
recognised
movements
Fair value
movements
recognised in
Other
comprehensive
income2
Amounts
transferred to
the Balance
sheet
Foreign exchange contracts to hedge future revenue and
expenditure
1
(102)
(101)
(185)
21
Crude, gas oil and jet kerosene derivative contracts
1
(26)
(25)
190
(7)
Derivatives used to hedge interest rates
\u2013
17
17
(5)
\u2013
Loan repayments to hedge future revenue
19
\u2013
19
(72)
(10)
Instruments for which hedge accounting no longer applies
\u2013
\u2013
\u2013
\u2013
(87)
21
(111)
(90)
(72)
(83)
Related deferred tax
21
19
20
Total movements recorded in the cash flow hedge reserve
(69)
(53)
(63)
1 Ineffectiveness recognised in the Income statement is presented as Realised and Unrealised gains and losses on derivatives not qualifying for hedge
accounting within non-operating items.
2 Amounts recognised in Other comprehensive income represent gains and losses on the hedging instrument.
v Fair value hedges
At 31 December 2025 , the Group\u2019s principal risk management activities associated with fair value hedging were related to interest
rate contracts hedging the fair value risk on fixed rate lease liabilities. Remeasurement gains and losses on both the derivatives
and\u00a0the host financial liability are recognised in the Income statement within Other non-operating (charges)/credits.
The carrying values of the hedged items and hedging instruments of the Group\u2019s fair value hedges at 31 December 2025 are as follows:
\u20ac million
2025
2024
Carrying value of lease liabilities to which fair value hedging has been applied (hedged items) 1
(42)
(54)
Carrying amount of the interest rate derivatives (hedging instruments)
(1)
(2)
Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying
amount of the hedged item
(3)
(3)
Change in value used for calculating hedge ineffectiveness
5
4
1 Hedged items included in the fair value hedges are presented within Borrowings in the Balance sheet and in note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-802": { "value": "
a Financial assets and liabilities by category
The detail of the Group\u2019s financial instruments at 31 December 2025 and 31 December 2024 by nature and classification for
measurement purposes is as follows:
31 December 2025
Financial assets
\u20ac million
Amortised cost
Fair value through
Other
comprehensive
income
Fair value through
Income statement
Non-financial assets
Total
carrying amount by
balance sheet item
Non-current assets
Other equity investments
\u2013
298
\u2013
\u2013
298
Derivative financial instruments
\u2013
\u2013
27
\u2013
27
Other non-current assets
209
\u2013
22
1,296
1,527
Current assets
Trade receivables
1,344
\u2013
\u2013
\u2013
1,344
Other current assets
482
\u2013
\u2013
1,846
2,328
Derivative financial instruments
\u2013
\u2013
74
\u2013
74
Other current interest-bearing deposits
898
\u2013
\u2013
\u2013
898
Cash and cash equivalents
7,421
\u2013
\u2013
\u2013
7,421
Financial liabilities
\u20ac million
Amortised cost
Fair value through
Income statement
Non-financial
liabilities
Total
carrying amount by
balance sheet item
Non-current liabilities
Lease liabilities
5,598
\u2013
\u2013
5,598
Interest-bearing long-term borrowings
5,623
\u2013
\u2013
5,623
Derivative financial instruments
\u2013
371
\u2013
371
Other long-term liabilities
80
\u2013
315
395
Current liabilities
Lease liabilities
1,397
\u2013
\u2013
1,397
Current portion of long-term borrowings
420
1,229
\u2013
1,649
Trade and other payables
4,191
\u2013
1,530
5,721
Derivative financial instruments
\u2013
604
\u2013
604
31 December 2024
Financial assets
\u20ac million
Amortised cost
Fair value through
Other
comprehensive
income
Fair value through
Income statement
Non-financial assets
Total
carrying amount by
balance sheet item
Non-current assets
Other equity investments
\u2013
190
\u2013
\u2013
190
Derivative financial instruments
\u2013
\u2013
229
\u2013
229
Other non-current assets
225
\u2013
4
687
916
Current assets
Trade receivables
1,774
\u2013
\u2013
\u2013
1,774
Other current assets
699
\u2013
\u2013
1,637
2,336
Derivative financial instruments
\u2013
\u2013
395
\u2013
395
Other current interest-bearing deposits
1,639
\u2013
\u2013
\u2013
1,639
Cash and cash equivalents
8,189
\u2013
\u2013
\u2013
8,189
Financial liabilities
\u20ac million
Amortised cost
Fair value through
Income statement
Non-financial
liabilities
Total
carrying amount by
balance sheet item
Non-current liabilities
Lease liabilities
7,169
\u2013
\u2013
7,169
Interest-bearing long-term borrowings
6,701
\u2013
\u2013
6,701
Derivative financial instruments
\u2013
102
\u2013
102
Other long-term liabilities
171
\u2013
230
401
Current liabilities
Lease liabilities
1,477
\u2013
\u2013
1,477
Current portion of long-term borrowings
982
1,016
\u2013
1,998
Trade and other payables
4,746
\u2013
1,403
6,149
Derivative financial instruments
\u2013
194
\u2013
194
b Fair value of financial assets and financial liabilities
The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used
in\u00a0determining the fair values and using the following methods and assumptions:
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted
prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and
those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market
values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments
and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and
counterparty credit risk, respectively.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques.
These\u00a0valuation techniques maximise the use of observable market data where it is available and rely as little as possible on
entity\u2011specific estimates.
Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward
pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility
surface data at the balance sheet date. The fair value of the principal derivative financial assets and liabilities is determined as
follows, incorporating adjustments for own credit risk and counterparty credit risk:
\u2022 Commodity reference contracts including swaps and options transactions re ferenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil;
(iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential; and (vi) Jet fuel Brent crack. The mark-to-market valuation prices
are\u00a0determined by reference to current forward curve and standard option pricing valuation models, with values discounted
to\u00a0the\u00a0balance sheet date based on the corresponding interest rate;
\u2022 Currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models,
with values discounted to the balance sheet date based on the corresponding interest rate; and
\u2022 Interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with
the\u00a0current forward curve.
The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining
contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing
borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation
is\u00a0performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by
the\u00a0associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method
is\u00a0applied. For the methodology used in the determination of the fair value of the investment in Air Europa Holdings, see note 19.
The fair values of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and
trade and other payables approximate their carrying value, largely due to the short-term maturities of these instruments.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2025 are as follows:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
2
\u2013
297
299
298
Other non-current financial assets
\u2013
22
22
44
40
Derivative financial assets:
Interest rate swaps 1
\u2013
8
\u2013
8
8
Foreign exchange contracts 1
\u2013
69
\u2013
69
69
Fuel derivatives 1
\u2013
24
\u2013
24
24
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
5,179
\u2013
5,179
5,294
Fixed rate borrowings
1,916
17
\u2013
1,933
1,937
Floating rate borrowings
\u2013
41
\u2013
41
41
Derivative financial liabilities:
Interest rate derivatives 2
\u2013
1
\u2013
1
1
Foreign exchange contracts 2
\u2013
636
\u2013
636
636
Fuel derivatives 2
\u2013
338
\u2013
338
338
1 Current portion of derivative financial assets is \u20ac74 million.
2 Current portion of derivative financial liabilities is \u20ac604 million.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2024 are set out below:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
1
\u2013
189
190
190
Other non-current financial assets
\u2013
22
4
26
23
Derivative financial assets:
Interest rate swaps 1
\u2013
14
\u2013
14
14
Foreign exchange contracts 1
\u2013
583
\u2013
583
583
Fuel derivatives 1
\u2013
27
\u2013
27
27
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
5,400
\u2013
5,400
5,788
Fixed rate borrowings
2,762
45
\u2013
2,807
2,845
Floating rate borrowings
\u2013
66
\u2013
66
66
Derivative financial liabilities:
Interest rate derivatives 2
\u2013
2
\u2013
2
2
Foreign exchange contracts 2
\u2013
78
\u2013
78
78
Fuel derivatives 2
\u2013
216
\u2013
216
216
1 Current portion of derivative financial assets is \u20ac395 million.
2 Current portion of derivative financial liabilities is \u20ac194 million.
There have been no transfers between the levels of fair value hierarchy during the year.
Financial assets, other equity instruments, financial liabilities and derivative financial assets and liabilities are all measured at fair value
in the consolidated financial statements. Interest-bearing borrowings, with the exception of the \u20ac825 million convertible bonds due
2028, which are measured at fair value, are measured at amortised cost.
c Level 3 financial assets reconciliation
The following table summarises key movements in Level 3 financial assets:
\u20ac million
2025
2024
Opening balance for the year
189
187
Additions
58
20
Net gains/(losses) recognised in Other comprehensive income
51
(19)
Exchange movement
(1)
1
Closing balance for the year
297
189
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-801": { "value": "
a Financial assets and liabilities by category
The detail of the Group\u2019s financial instruments at 31 December 2025 and 31 December 2024 by nature and classification for
measurement purposes is as follows:
31 December 2025
Financial assets
\u20ac million
Amortised cost
Fair value through
Other
comprehensive
income
Fair value through
Income statement
Non-financial assets
Total
carrying amount by
balance sheet item
Non-current assets
Other equity investments
\u2013
298
\u2013
\u2013
298
Derivative financial instruments
\u2013
\u2013
27
\u2013
27
Other non-current assets
209
\u2013
22
1,296
1,527
Current assets
Trade receivables
1,344
\u2013
\u2013
\u2013
1,344
Other current assets
482
\u2013
\u2013
1,846
2,328
Derivative financial instruments
\u2013
\u2013
74
\u2013
74
Other current interest-bearing deposits
898
\u2013
\u2013
\u2013
898
Cash and cash equivalents
7,421
\u2013
\u2013
\u2013
7,421
Financial liabilities
\u20ac million
Amortised cost
Fair value through
Income statement
Non-financial
liabilities
Total
carrying amount by
balance sheet item
Non-current liabilities
Lease liabilities
5,598
\u2013
\u2013
5,598
Interest-bearing long-term borrowings
5,623
\u2013
\u2013
5,623
Derivative financial instruments
\u2013
371
\u2013
371
Other long-term liabilities
80
\u2013
315
395
Current liabilities
Lease liabilities
1,397
\u2013
\u2013
1,397
Current portion of long-term borrowings
420
1,229
\u2013
1,649
Trade and other payables
4,191
\u2013
1,530
5,721
Derivative financial instruments
\u2013
604
\u2013
604
31 December 2024
Financial assets
\u20ac million
Amortised cost
Fair value through
Other
comprehensive
income
Fair value through
Income statement
Non-financial assets
Total
carrying amount by
balance sheet item
Non-current assets
Other equity investments
\u2013
190
\u2013
\u2013
190
Derivative financial instruments
\u2013
\u2013
229
\u2013
229
Other non-current assets
225
\u2013
4
687
916
Current assets
Trade receivables
1,774
\u2013
\u2013
\u2013
1,774
Other current assets
699
\u2013
\u2013
1,637
2,336
Derivative financial instruments
\u2013
\u2013
395
\u2013
395
Other current interest-bearing deposits
1,639
\u2013
\u2013
\u2013
1,639
Cash and cash equivalents
8,189
\u2013
\u2013
\u2013
8,189
Financial liabilities
\u20ac million
Amortised cost
Fair value through
Income statement
Non-financial
liabilities
Total
carrying amount by
balance sheet item
Non-current liabilities
Lease liabilities
7,169
\u2013
\u2013
7,169
Interest-bearing long-term borrowings
6,701
\u2013
\u2013
6,701
Derivative financial instruments
\u2013
102
\u2013
102
Other long-term liabilities
171
\u2013
230
401
Current liabilities
Lease liabilities
1,477
\u2013
\u2013
1,477
Current portion of long-term borrowings
982
1,016
\u2013
1,998
Trade and other payables
4,746
\u2013
1,403
6,149
Derivative financial instruments
\u2013
194
\u2013
194
b Fair value of financial assets and financial liabilities
The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used
in\u00a0determining the fair values and using the following methods and assumptions:
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted
prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and
those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market
values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments
and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and
counterparty credit risk, respectively.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques.
These\u00a0valuation techniques maximise the use of observable market data where it is available and rely as little as possible on
entity\u2011specific estimates.
Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward
pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility
surface data at the balance sheet date. The fair value of the principal derivative financial assets and liabilities is determined as
follows, incorporating adjustments for own credit risk and counterparty credit risk:
\u2022 Commodity reference contracts including swaps and options transactions re ferenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil;
(iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential; and (vi) Jet fuel Brent crack. The mark-to-market valuation prices
are\u00a0determined by reference to current forward curve and standard option pricing valuation models, with values discounted
to\u00a0the\u00a0balance sheet date based on the corresponding interest rate;
\u2022 Currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models,
with values discounted to the balance sheet date based on the corresponding interest rate; and
\u2022 Interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with
the\u00a0current forward curve.
The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining
contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing
borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation
is\u00a0performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by
the\u00a0associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method
is\u00a0applied. For the methodology used in the determination of the fair value of the investment in Air Europa Holdings, see note 19.
The fair values of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and
trade and other payables approximate their carrying value, largely due to the short-term maturities of these instruments.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2025 are as follows:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
2
\u2013
297
299
298
Other non-current financial assets
\u2013
22
22
44
40
Derivative financial assets:
Interest rate swaps 1
\u2013
8
\u2013
8
8
Foreign exchange contracts 1
\u2013
69
\u2013
69
69
Fuel derivatives 1
\u2013
24
\u2013
24
24
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
5,179
\u2013
5,179
5,294
Fixed rate borrowings
1,916
17
\u2013
1,933
1,937
Floating rate borrowings
\u2013
41
\u2013
41
41
Derivative financial liabilities:
Interest rate derivatives 2
\u2013
1
\u2013
1
1
Foreign exchange contracts 2
\u2013
636
\u2013
636
636
Fuel derivatives 2
\u2013
338
\u2013
338
338
1 Current portion of derivative financial assets is \u20ac74 million.
2 Current portion of derivative financial liabilities is \u20ac604 million.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2024 are set out below:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
1
\u2013
189
190
190
Other non-current financial assets
\u2013
22
4
26
23
Derivative financial assets:
Interest rate swaps 1
\u2013
14
\u2013
14
14
Foreign exchange contracts 1
\u2013
583
\u2013
583
583
Fuel derivatives 1
\u2013
27
\u2013
27
27
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
5,400
\u2013
5,400
5,788
Fixed rate borrowings
2,762
45
\u2013
2,807
2,845
Floating rate borrowings
\u2013
66
\u2013
66
66
Derivative financial liabilities:
Interest rate derivatives 2
\u2013
2
\u2013
2
2
Foreign exchange contracts 2
\u2013
78
\u2013
78
78
Fuel derivatives 2
\u2013
216
\u2013
216
216
1 Current portion of derivative financial assets is \u20ac395 million.
2 Current portion of derivative financial liabilities is \u20ac194 million.
There have been no transfers between the levels of fair value hierarchy during the year.
Financial assets, other equity instruments, financial liabilities and derivative financial assets and liabilities are all measured at fair value
in the consolidated financial statements. Interest-bearing borrowings, with the exception of the \u20ac825 million convertible bonds due
2028, which are measured at fair value, are measured at amortised cost.
c Level 3 financial assets reconciliation
The following table summarises key movements in Level 3 financial assets:
\u20ac million
2025
2024
Opening balance for the year
189
187
Additions
58
20
Net gains/(losses) recognised in Other comprehensive income
51
(19)
Exchange movement
(1)
1
Closing balance for the year
297
189
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-800": { "value": "
a Financial assets and liabilities by category
The detail of the Group\u2019s financial instruments at 31 December 2025 and 31 December 2024 by nature and classification for
measurement purposes is as follows:
31 December 2025
Financial assets
\u20ac million
Amortised cost
Fair value through
Other
comprehensive
income
Fair value through
Income statement
Non-financial assets
Total
carrying amount by
balance sheet item
Non-current assets
Other equity investments
\u2013
298
\u2013
\u2013
298
Derivative financial instruments
\u2013
\u2013
27
\u2013
27
Other non-current assets
209
\u2013
22
1,296
1,527
Current assets
Trade receivables
1,344
\u2013
\u2013
\u2013
1,344
Other current assets
482
\u2013
\u2013
1,846
2,328
Derivative financial instruments
\u2013
\u2013
74
\u2013
74
Other current interest-bearing deposits
898
\u2013
\u2013
\u2013
898
Cash and cash equivalents
7,421
\u2013
\u2013
\u2013
7,421
Financial liabilities
\u20ac million
Amortised cost
Fair value through
Income statement
Non-financial
liabilities
Total
carrying amount by
balance sheet item
Non-current liabilities
Lease liabilities
5,598
\u2013
\u2013
5,598
Interest-bearing long-term borrowings
5,623
\u2013
\u2013
5,623
Derivative financial instruments
\u2013
371
\u2013
371
Other long-term liabilities
80
\u2013
315
395
Current liabilities
Lease liabilities
1,397
\u2013
\u2013
1,397
Current portion of long-term borrowings
420
1,229
\u2013
1,649
Trade and other payables
4,191
\u2013
1,530
5,721
Derivative financial instruments
\u2013
604
\u2013
604
31 December 2024
Financial assets
\u20ac million
Amortised cost
Fair value through
Other
comprehensive
income
Fair value through
Income statement
Non-financial assets
Total
carrying amount by
balance sheet item
Non-current assets
Other equity investments
\u2013
190
\u2013
\u2013
190
Derivative financial instruments
\u2013
\u2013
229
\u2013
229
Other non-current assets
225
\u2013
4
687
916
Current assets
Trade receivables
1,774
\u2013
\u2013
\u2013
1,774
Other current assets
699
\u2013
\u2013
1,637
2,336
Derivative financial instruments
\u2013
\u2013
395
\u2013
395
Other current interest-bearing deposits
1,639
\u2013
\u2013
\u2013
1,639
Cash and cash equivalents
8,189
\u2013
\u2013
\u2013
8,189
Financial liabilities
\u20ac million
Amortised cost
Fair value through
Income statement
Non-financial
liabilities
Total
carrying amount by
balance sheet item
Non-current liabilities
Lease liabilities
7,169
\u2013
\u2013
7,169
Interest-bearing long-term borrowings
6,701
\u2013
\u2013
6,701
Derivative financial instruments
\u2013
102
\u2013
102
Other long-term liabilities
171
\u2013
230
401
Current liabilities
Lease liabilities
1,477
\u2013
\u2013
1,477
Current portion of long-term borrowings
982
1,016
\u2013
1,998
Trade and other payables
4,746
\u2013
1,403
6,149
Derivative financial instruments
\u2013
194
\u2013
194
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-805": { "value": "
b Fair value of financial assets and financial liabilities
The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used
in\u00a0determining the fair values and using the following methods and assumptions:
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted
prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and
those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market
values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments
and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and
counterparty credit risk, respectively.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques.
These\u00a0valuation techniques maximise the use of observable market data where it is available and rely as little as possible on
entity\u2011specific estimates.
Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward
pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility
surface data at the balance sheet date. The fair value of the principal derivative financial assets and liabilities is determined as
follows, incorporating adjustments for own credit risk and counterparty credit risk:
\u2022 Commodity reference contracts including swaps and options transactions re ferenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil;
(iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential; and (vi) Jet fuel Brent crack. The mark-to-market valuation prices
are\u00a0determined by reference to current forward curve and standard option pricing valuation models, with values discounted
to\u00a0the\u00a0balance sheet date based on the corresponding interest rate;
\u2022 Currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models,
with values discounted to the balance sheet date based on the corresponding interest rate; and
\u2022 Interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with
the\u00a0current forward curve.
The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining
contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing
borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation
is\u00a0performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by
the\u00a0associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method
is\u00a0applied. For the methodology used in the determination of the fair value of the investment in Air Europa Holdings, see note 19.
The fair values of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and
trade and other payables approximate their carrying value, largely due to the short-term maturities of these instruments.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2025 are as follows:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
2
\u2013
297
299
298
Other non-current financial assets
\u2013
22
22
44
40
Derivative financial assets:
Interest rate swaps 1
\u2013
8
\u2013
8
8
Foreign exchange contracts 1
\u2013
69
\u2013
69
69
Fuel derivatives 1
\u2013
24
\u2013
24
24
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
5,179
\u2013
5,179
5,294
Fixed rate borrowings
1,916
17
\u2013
1,933
1,937
Floating rate borrowings
\u2013
41
\u2013
41
41
Derivative financial liabilities:
Interest rate derivatives 2
\u2013
1
\u2013
1
1
Foreign exchange contracts 2
\u2013
636
\u2013
636
636
Fuel derivatives 2
\u2013
338
\u2013
338
338
1 Current portion of derivative financial assets is \u20ac74 million.
2 Current portion of derivative financial liabilities is \u20ac604 million.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2024 are set out below:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
1
\u2013
189
190
190
Other non-current financial assets
\u2013
22
4
26
23
Derivative financial assets:
Interest rate swaps 1
\u2013
14
\u2013
14
14
Foreign exchange contracts 1
\u2013
583
\u2013
583
583
Fuel derivatives 1
\u2013
27
\u2013
27
27
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
5,400
\u2013
5,400
5,788
Fixed rate borrowings
2,762
45
\u2013
2,807
2,845
Floating rate borrowings
\u2013
66
\u2013
66
66
Derivative financial liabilities:
Interest rate derivatives 2
\u2013
2
\u2013
2
2
Foreign exchange contracts 2
\u2013
78
\u2013
78
78
Fuel derivatives 2
\u2013
216
\u2013
216
216
1 Current portion of derivative financial assets is \u20ac395 million.
2 Current portion of derivative financial liabilities is \u20ac194 million.
There have been no transfers between the levels of fair value hierarchy during the year.
Financial assets, other equity instruments, financial liabilities and derivative financial assets and liabilities are all measured at fair value
in the consolidated financial statements. Interest-bearing borrowings, with the exception of the \u20ac825 million convertible bonds due
2028, which are measured at fair value, are measured at amortised cost.
c Level 3 financial assets reconciliation
The following table summarises key movements in Level 3 financial assets:
\u20ac million
2025
2024
Opening balance for the year
189
187
Additions
58
20
Net gains/(losses) recognised in Other comprehensive income
51
(19)
Exchange movement
(1)
1
Closing balance for the year
297
189
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-804": { "value": "
b Fair value of financial assets and financial liabilities
The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used
in\u00a0determining the fair values and using the following methods and assumptions:
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted
prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and
those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market
values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments
and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and
counterparty credit risk, respectively.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques.
These\u00a0valuation techniques maximise the use of observable market data where it is available and rely as little as possible on
entity\u2011specific estimates.
Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward
pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility
surface data at the balance sheet date. The fair value of the principal derivative financial assets and liabilities is determined as
follows, incorporating adjustments for own credit risk and counterparty credit risk:
\u2022 Commodity reference contracts including swaps and options transactions re ferenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil;
(iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential; and (vi) Jet fuel Brent crack. The mark-to-market valuation prices
are\u00a0determined by reference to current forward curve and standard option pricing valuation models, with values discounted
to\u00a0the\u00a0balance sheet date based on the corresponding interest rate;
\u2022 Currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models,
with values discounted to the balance sheet date based on the corresponding interest rate; and
\u2022 Interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with
the\u00a0current forward curve.
The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining
contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing
borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation
is\u00a0performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by
the\u00a0associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method
is\u00a0applied. For the methodology used in the determination of the fair value of the investment in Air Europa Holdings, see note 19.
The fair values of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and
trade and other payables approximate their carrying value, largely due to the short-term maturities of these instruments.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2025 are as follows:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
2
\u2013
297
299
298
Other non-current financial assets
\u2013
22
22
44
40
Derivative financial assets:
Interest rate swaps 1
\u2013
8
\u2013
8
8
Foreign exchange contracts 1
\u2013
69
\u2013
69
69
Fuel derivatives 1
\u2013
24
\u2013
24
24
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
5,179
\u2013
5,179
5,294
Fixed rate borrowings
1,916
17
\u2013
1,933
1,937
Floating rate borrowings
\u2013
41
\u2013
41
41
Derivative financial liabilities:
Interest rate derivatives 2
\u2013
1
\u2013
1
1
Foreign exchange contracts 2
\u2013
636
\u2013
636
636
Fuel derivatives 2
\u2013
338
\u2013
338
338
1 Current portion of derivative financial assets is \u20ac74 million.
2 Current portion of derivative financial liabilities is \u20ac604 million.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2024 are set out below:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
1
\u2013
189
190
190
Other non-current financial assets
\u2013
22
4
26
23
Derivative financial assets:
Interest rate swaps 1
\u2013
14
\u2013
14
14
Foreign exchange contracts 1
\u2013
583
\u2013
583
583
Fuel derivatives 1
\u2013
27
\u2013
27
27
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
5,400
\u2013
5,400
5,788
Fixed rate borrowings
2,762
45
\u2013
2,807
2,845
Floating rate borrowings
\u2013
66
\u2013
66
66
Derivative financial liabilities:
Interest rate derivatives 2
\u2013
2
\u2013
2
2
Foreign exchange contracts 2
\u2013
78
\u2013
78
78
Fuel derivatives 2
\u2013
216
\u2013
216
216
1 Current portion of derivative financial assets is \u20ac395 million.
2 Current portion of derivative financial liabilities is \u20ac194 million.
There have been no transfers between the levels of fair value hierarchy during the year.
Financial assets, other equity instruments, financial liabilities and derivative financial assets and liabilities are all measured at fair value
in the consolidated financial statements. Interest-bearing borrowings, with the exception of the \u20ac825 million convertible bonds due
2028, which are measured at fair value, are measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-803": { "value": "
b Fair value of financial assets and financial liabilities
The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used
in\u00a0determining the fair values and using the following methods and assumptions:
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted
prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and
those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market
values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments
and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and
counterparty credit risk, respectively.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques.
These\u00a0valuation techniques maximise the use of observable market data where it is available and rely as little as possible on
entity\u2011specific estimates.
Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward
pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility
surface data at the balance sheet date. The fair value of the principal derivative financial assets and liabilities is determined as
follows, incorporating adjustments for own credit risk and counterparty credit risk:
\u2022 Commodity reference contracts including swaps and options transactions re ferenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil;
(iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential; and (vi) Jet fuel Brent crack. The mark-to-market valuation prices
are\u00a0determined by reference to current forward curve and standard option pricing valuation models, with values discounted
to\u00a0the\u00a0balance sheet date based on the corresponding interest rate;
\u2022 Currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models,
with values discounted to the balance sheet date based on the corresponding interest rate; and
\u2022 Interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with
the\u00a0current forward curve.
The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining
contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing
borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation
is\u00a0performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by
the\u00a0associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method
is\u00a0applied. For the methodology used in the determination of the fair value of the investment in Air Europa Holdings, see note 19.
The fair values of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and
trade and other payables approximate their carrying value, largely due to the short-term maturities of these instruments", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-806": { "value": "74000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-807": { "value": "604000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-808": { "value": "395000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-809": { "value": "194000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-811": { "value": "
31 Share capital, share premium and treasury shares
Allotted, called up and fully paid
Number of
shares
\u2018000s
Ordinary
share capital
\u20ac million
Share
premium
\u20ac million
31 December 2024: Ordinary shares of \u20ac0.10 each
4,971,476
497
7,770
Cancellation of ordinary shares of \u20ac0.10 each
(244,275)
(24)
(846)
31 December 2025: Ordinary shares of \u20ac0.10 each
4,727,201
473
6,924
1 Following approval at the Annual General Meeting of the Company on 19 June 2025 for the cancellation of up to 426,206,309 ordinary shares,
on 11 September 2025 the Company cancelled 244,274,863 treasury shares acquired through the buyback programmes. The cancellation had
the total effect of reducing share capital by \u20ac24 million and share premium by \u20ac846 million. The remaining 115,531,620 treasury shares acquired
through the buyback programmes will be cancelled in 2026.
a Treasury shares
2025
2024
Number of
treasury shares
(million)
Weighted
average price
per share
(\u20ac)
Treasury
shares
(\u20ac million)
Number of
treasury shares
(million)
Weighted
average price
per share
(\u20ac)
Treasury shares
(\u20ac million)
Balance at 1 January
117.6
2.44
287
55.8
1.79
100
Shares purchased \u2013 buyback programmes
312.0
3.82
1,192
47.9
3.26
156
Shares purchased \u2013 other
9.4
4.47
42
27.0
2.04
55
Shares cancelled
(244.3)
3.46
(846)
\u2013
\u2013
\u2013
Shares issued on vesting of employee share
schemes
(32.5)
2.54
(82)
(13.1)
(1.83)
(24)
Balance at 31 December1
162.2
3.65
593
117.6
2.44
287
1 At 31 December 2025 the Group held 162.2 million treasury shares (2024: 117.6 million), which represented 3.43% (2024: 2.37%) of the issued share
capital of the Company.
33 Other reserves and non-controlling interests
For the year to 31 December 2025
Other reserves
\u20ac million
Unrealised
gains and
losses 1
Cost of
hedging
reserve 2
Currency
translation3
Merger
reserve4
Capital
reserves 5
Total other
reserves
Non-
controlling
interest
1 January 2025
(56)
(50)
18
(2,467)
867
(1,688)
6
Other comprehensive (loss)/income for the year
Cash flow hedges reclassified and reported in net
profit:
Fuel costs and emission charges
83
\u2013
\u2013
\u2013
\u2013
83
\u2013
Currency differences
(3)
\u2013
\u2013
\u2013
\u2013
(3)
\u2013
Finance costs
(1)
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Ineffectiveness recognised in other non-
operating costs
1
\u2013
\u2013
\u2013
\u2013
1
\u2013
Net change in fair value of cash flow hedges
(516)
\u2013
\u2013
\u2013
\u2013
(516)
\u2013
Net change in fair value of other equity
investments
51
\u2013
\u2013
\u2013
\u2013
51
\u2013
Net change in fair value of cost of hedging
\u2013
(11)
\u2013
\u2013
\u2013
(11)
\u2013
Cost of hedging reclassified and reported in net
profit
\u2013
46
\u2013
\u2013
\u2013
46
\u2013
Fair value movements on liabilities attributable
to\u00a0credit risk changes
(12)
\u2013
\u2013
\u2013
\u2013
(12)
\u2013
Currency translation differences
\u2013
\u2013
(170)
\u2013
\u2013
(170)
\u2013
Hedges transferred and reported in property,
plant and equipment
16
(3)
\u2013
\u2013
\u2013
13
\u2013
Hedges transferred and reported in sales in
advance of carriage
(20)
\u2013
\u2013
\u2013
\u2013
(20)
\u2013
Hedges transferred and reported in inventory
(9)
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
Cancellation of share capital
\u2013
\u2013
\u2013
\u2013
24
24
\u2013
31 December 2025
(466)
(18)
(152)
(2,467)
891
(2,212)
6
Other reserves
\u20ac million
Unrealised
gains and
losses 1
Cost of
hedging
reserve 2
Currency
translation3
Merger
reserve4
Redeemed
capital
reserve5
Total other
reserves
Non-
controlling
interest
1 January 2024
(178)
(118)
(100)
(2,467)
867
(1,996)
6
Other comprehensive (loss)/income for the year
Cash flow hedges reclassified and reported in
net profit:
Fuel costs and emission charges
93
\u2013
\u2013
\u2013
\u2013
93
\u2013
Currency differences
3
\u2013
\u2013
\u2013
\u2013
3
\u2013
Finance costs
(11)
\u2013
\u2013
\u2013
\u2013
(11)
\u2013
Ineffectiveness recognised in other non-
operating costs
(16)
\u2013
\u2013
\u2013
\u2013
(16)
\u2013
Net change in fair value of cash flow hedges
53
\u2013
\u2013
\u2013
\u2013
53
\u2013
Net change in fair value of other equity
investments
(19)
\u2013
\u2013
\u2013
\u2013
(19)
\u2013
Net change in fair value of cost of hedging
\u2013
24
\u2013
\u2013
\u2013
24
\u2013
Cost of hedging reclassified and reported in net
profit
\u2013
48
\u2013
\u2013
\u2013
48
\u2013
Fair value movements on liabilities attributable
to credit risk changes
(44)
\u2013
\u2013
\u2013
\u2013
(44)
\u2013
Currency translation differences
\u2013
\u2013
118
\u2013
\u2013
118
\u2013
Hedges transferred and reported in\u00a0property,
plant and equipment
(6)
(5)
\u2013
\u2013
\u2013
(11)
\u2013
Hedges transferred and reported in\u00a0sales in
advance of carriage
59
1
\u2013
\u2013
\u2013
60
\u2013
Hedges transferred and reported in\u00a0inventory
10
\u2013
\u2013
\u2013
\u2013
10
\u2013
31 December 2024
(56)
(50)
18
(2,467)
867
(1,688)
6
1 The unrealised gains and losses reserve records fair value changes in equity investments and the portion of the amounts of hedging instruments
in\u00a0cash flow hedges that are determined to be effective hedges. The amounts at 31 December 2025 that relate to the fair value changes in equity
instruments and to the cash flow hedge reserve were a \u20ac170 million credit and \u20ac653 million charge, respectively.
2 The cost of hedging reserve records, among others, changes i n the time value of options.
3 The currency translation reserve records exchange differences arising from the translation of the financial statements of non-euro functional currency
subsidiaries and investments accounted for under the equity method into the Group\u2019s reporting currency of euros. The movement through this
reserve is affected by fluctuations in the pound sterling to euro foreign exchange translation rate.
4 The merger reserve originated from the merger transaction between British Airways and Iberia. The balance represents the difference between
the\u00a0fair value of the Group on the transaction date and the fair value of Iberia and the book value of British Airways (including its reserves).
5 Capital reserves include a Redeemed capital reserve of \u20ac 94 million (2024 : \u20ac70 million) associated with the decrease in share capital relating
to\u00a0cancelled shares, and a Share capital reduction reserve of \u20ac797 million (2024: \u20ac797 million) associated with a historical reduction in the nominal
value of the Company\u2019s share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-810": { "value": "
31 Share capital, share premium and treasury shares
Allotted, called up and fully paid
Number of
shares
\u2018000s
Ordinary
share capital
\u20ac million
Share
premium
\u20ac million
31 December 2024: Ordinary shares of \u20ac0.10 each
4,971,476
497
7,770
Cancellation of ordinary shares of \u20ac0.10 each
(244,275)
(24)
(846)
31 December 2025: Ordinary shares of \u20ac0.10 each
4,727,201
473
6,924
1 Following approval at the Annual General Meeting of the Company on 19 June 2025 for the cancellation of up to 426,206,309 ordinary shares,
on 11 September 2025 the Company cancelled 244,274,863 treasury shares acquired through the buyback programmes. The cancellation had
the total effect of reducing share capital by \u20ac24 million and share premium by \u20ac846 million. The remaining 115,531,620 treasury shares acquired
through the buyback programmes will be cancelled in 2026.
a Treasury shares
2025
2024
Number of
treasury shares
(million)
Weighted
average price
per share
(\u20ac)
Treasury
shares
(\u20ac million)
Number of
treasury shares
(million)
Weighted
average price
per share
(\u20ac)
Treasury shares
(\u20ac million)
Balance at 1 January
117.6
2.44
287
55.8
1.79
100
Shares purchased \u2013 buyback programmes
312.0
3.82
1,192
47.9
3.26
156
Shares purchased \u2013 other
9.4
4.47
42
27.0
2.04
55
Shares cancelled
(244.3)
3.46
(846)
\u2013
\u2013
\u2013
Shares issued on vesting of employee share
schemes
(32.5)
2.54
(82)
(13.1)
(1.83)
(24)
Balance at 31 December1
162.2
3.65
593
117.6
2.44
287
1 At 31 December 2025 the Group held 162.2 million treasury shares (2024: 117.6 million), which represented 3.43% (2024: 2.37%) of the issued share
capital of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-812": { "value": "-846000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-813": { "value": "
a Treasury shares
2025
2024
Number of
treasury shares
(million)
Weighted
average price
per share
(\u20ac)
Treasury
shares
(\u20ac million)
Number of
treasury shares
(million)
Weighted
average price
per share
(\u20ac)
Treasury shares
(\u20ac million)
Balance at 1 January
117.6
2.44
287
55.8
1.79
100
Shares purchased \u2013 buyback programmes
312.0
3.82
1,192
47.9
3.26
156
Shares purchased \u2013 other
9.4
4.47
42
27.0
2.04
55
Shares cancelled
(244.3)
3.46
(846)
\u2013
\u2013
\u2013
Shares issued on vesting of employee share
schemes
(32.5)
2.54
(82)
(13.1)
(1.83)
(24)
Balance at 31 December1
162.2
3.65
593
117.6
2.44
287
1 At 31 December 2025 the Group held 162.2 million treasury shares (2024: 117.6 million), which represented 3.43% (2024: 2.37%) of the issued share
capital of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-814": { "value": "
32 Share-based payments
The Group operates share-based payment schemes as part of the total remuneration package provided to employees. These
schemes comprise both share option schemes where employees acquire shares at an option price and share award plans whereby
shares are issued to employees at no cost, subject to the achievement by the Group of specified performance targets.
a IAG Performance Share Plan
The IAG Performance Share Plan (PSP) was granted to senior executives and managers of the Group who were most directly
involved in shaping and delivering business success over the medium to long term. Awards made from 2015 to 2020 were nil-cost
options, with a two-year holding period following the three-year performance period, before options can be exercised. All awards
had three independent performance measures with equal weighting: Total Shareholder Return (TSR) relative to the STOXX Europe
600 Travel and Leisure Index (2020 awards) or MSCI European Transportation Index (prior to 2020 awards), earnings per share and
Return on\u00a0Invested Capital.
b IAG Restricted Share Plan
The IAG Restricted Share Plan was introduced in 2021 to increase the alignment of both interests and outcomes between the
Group\u2019s senior management and shareholders, through the build-up and maintenance of senior management shareholdings and
an\u00a0increased focus on the long-term, sustainable performance of the Group. Awards have been made as conditional awards, with
a\u00a0two\u2011year holding period following the three-year vesting period. There are no performance measures associated with the awards.
Vesting will be contingent on the satisfaction of a discretionary underpin, normally assessed over three financial years commencing
from the financial year in which the award is granted. Approval at the end of the vesting period will be at the discretion of the
Remuneration Committee, after considering the Group\u2019s overall performance, including financial and non-financial performance
measures over the course of the vesting period, as well as any material risk or regulatory failures identified.
c IAG Full Potential Incentive Plan
In 2021, the Group launched the Full Potential Incentive Plan, which was granted to key individuals involved in the delivery of a series
of transformation projects that will enable the Group to deliver business success over the medium to long term. The awards have been
made as conditional awards, vesting in 2025 and dependent on stretch performance targets for 2024 and the approval of the Board.
d IAG Stretch Performance Incentive Plan
In 2025, the Group launched the Stretch Performance Incentive Plan, which was granted to senior leaders across IAG. The plan is
designed to support the delivery of stretch operating margin performance that exceeds the Group\u2019s medium-term ambition and plan
targets through to the end of 2027. The awards have been made as conditional awards, vesting in 2028 and dependent on the
achievement of stretch performance targets for 2025 to 2027 and the approval of the Board. The targets have been set at a level
that requires significant outperformance of IAG\u2019s historical performance, and that of its peers.
e IAG Incentive Award Deferral Plan
The IAG Incentive Award Deferral Plan (IADP) is granted to qualifying employees based on performance and service tests. It will
be\u00a0awarded when an annual incentive award is triggered, subject to the employee remaining in employment with the Group for
three\u00a0years after the grant date. The relevant population will receive a proportion of their incentive award upfront in cash, and the
remaining proportion in shares after three years through the IADP.
f Share-based payment schemes summary
Number of awards \u2019000s
Outstanding
at 1 January
2025
Granted
number
Lapsed
number
Vested
number
Outstanding at
31 December
2025
Exercisable at
31 December
2025
Performance Share Plan
4,191
\u2013
90
3,202
899
899
Restricted Share Plan
70,506
14,464
1,044
20,123
63,803
\u2013
Full Potential Incentive Plan
29,031
\u2013
1,892
27,139
\u2013
\u2013
Stretch Performance Incentive Plan
\u2013
20,354
120
\u2013
20,234
\u2013
Incentive Award Deferral Plan
912
100
\u2013
\u2013
1,012
\u2013
104,640
34,918
3,146
50,464
85,948
899
The weighted average share price at the date of exercise of options exercised during the year to 31 December 2025 was \u00a3 3.24
( 2024:\u00a0\u00a31.66). The weighted average contractual life for awards outstanding at 31 December 2025 was 1.4 years (2024: 1.1 years).
The Group recognised a share-based payment charge of \u20ac 58 million for the year to 31 December 2025 (2024: \u20ac72 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-817": { "value": "
33 Other reserves and non-controlling interests
For the year to 31 December 2025
Other reserves
\u20ac million
Unrealised
gains and
losses 1
Cost of
hedging
reserve 2
Currency
translation3
Merger
reserve4
Capital
reserves 5
Total other
reserves
Non-
controlling
interest
1 January 2025
(56)
(50)
18
(2,467)
867
(1,688)
6
Other comprehensive (loss)/income for the year
Cash flow hedges reclassified and reported in net
profit:
Fuel costs and emission charges
83
\u2013
\u2013
\u2013
\u2013
83
\u2013
Currency differences
(3)
\u2013
\u2013
\u2013
\u2013
(3)
\u2013
Finance costs
(1)
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Ineffectiveness recognised in other non-
operating costs
1
\u2013
\u2013
\u2013
\u2013
1
\u2013
Net change in fair value of cash flow hedges
(516)
\u2013
\u2013
\u2013
\u2013
(516)
\u2013
Net change in fair value of other equity
investments
51
\u2013
\u2013
\u2013
\u2013
51
\u2013
Net change in fair value of cost of hedging
\u2013
(11)
\u2013
\u2013
\u2013
(11)
\u2013
Cost of hedging reclassified and reported in net
profit
\u2013
46
\u2013
\u2013
\u2013
46
\u2013
Fair value movements on liabilities attributable
to\u00a0credit risk changes
(12)
\u2013
\u2013
\u2013
\u2013
(12)
\u2013
Currency translation differences
\u2013
\u2013
(170)
\u2013
\u2013
(170)
\u2013
Hedges transferred and reported in property,
plant and equipment
16
(3)
\u2013
\u2013
\u2013
13
\u2013
Hedges transferred and reported in sales in
advance of carriage
(20)
\u2013
\u2013
\u2013
\u2013
(20)
\u2013
Hedges transferred and reported in inventory
(9)
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
Cancellation of share capital
\u2013
\u2013
\u2013
\u2013
24
24
\u2013
31 December 2025
(466)
(18)
(152)
(2,467)
891
(2,212)
6
Other reserves
\u20ac million
Unrealised
gains and
losses 1
Cost of
hedging
reserve 2
Currency
translation3
Merger
reserve4
Redeemed
capital
reserve5
Total other
reserves
Non-
controlling
interest
1 January 2024
(178)
(118)
(100)
(2,467)
867
(1,996)
6
Other comprehensive (loss)/income for the year
Cash flow hedges reclassified and reported in
net profit:
Fuel costs and emission charges
93
\u2013
\u2013
\u2013
\u2013
93
\u2013
Currency differences
3
\u2013
\u2013
\u2013
\u2013
3
\u2013
Finance costs
(11)
\u2013
\u2013
\u2013
\u2013
(11)
\u2013
Ineffectiveness recognised in other non-
operating costs
(16)
\u2013
\u2013
\u2013
\u2013
(16)
\u2013
Net change in fair value of cash flow hedges
53
\u2013
\u2013
\u2013
\u2013
53
\u2013
Net change in fair value of other equity
investments
(19)
\u2013
\u2013
\u2013
\u2013
(19)
\u2013
Net change in fair value of cost of hedging
\u2013
24
\u2013
\u2013
\u2013
24
\u2013
Cost of hedging reclassified and reported in net
profit
\u2013
48
\u2013
\u2013
\u2013
48
\u2013
Fair value movements on liabilities attributable
to credit risk changes
(44)
\u2013
\u2013
\u2013
\u2013
(44)
\u2013
Currency translation differences
\u2013
\u2013
118
\u2013
\u2013
118
\u2013
Hedges transferred and reported in\u00a0property,
plant and equipment
(6)
(5)
\u2013
\u2013
\u2013
(11)
\u2013
Hedges transferred and reported in\u00a0sales in
advance of carriage
59
1
\u2013
\u2013
\u2013
60
\u2013
Hedges transferred and reported in\u00a0inventory
10
\u2013
\u2013
\u2013
\u2013
10
\u2013
31 December 2024
(56)
(50)
18
(2,467)
867
(1,688)
6
1 The unrealised gains and losses reserve records fair value changes in equity investments and the portion of the amounts of hedging instruments
in\u00a0cash flow hedges that are determined to be effective hedges. The amounts at 31 December 2025 that relate to the fair value changes in equity
instruments and to the cash flow hedge reserve were a \u20ac170 million credit and \u20ac653 million charge, respectively.
2 The cost of hedging reserve records, among others, changes i n the time value of options.
3 The currency translation reserve records exchange differences arising from the translation of the financial statements of non-euro functional currency
subsidiaries and investments accounted for under the equity method into the Group\u2019s reporting currency of euros. The movement through this
reserve is affected by fluctuations in the pound sterling to euro foreign exchange translation rate.
4 The merger reserve originated from the merger transaction between British Airways and Iberia. The balance represents the difference between
the\u00a0fair value of the Group on the transaction date and the fair value of Iberia and the book value of British Airways (including its reserves).
5 Capital reserves include a Redeemed capital reserve of \u20ac 94 million (2024 : \u20ac70 million) associated with the decrease in share capital relating
to\u00a0cancelled shares, and a Share capital reduction reserve of \u20ac797 million (2024: \u20ac797 million) associated with a historical reduction in the nominal
value of the Company\u2019s share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-816": { "value": "
33 Other reserves and non-controlling interests
For the year to 31 December 2025
Other reserves
\u20ac million
Unrealised
gains and
losses 1
Cost of
hedging
reserve 2
Currency
translation3
Merger
reserve4
Capital
reserves 5
Total other
reserves
Non-
controlling
interest
1 January 2025
(56)
(50)
18
(2,467)
867
(1,688)
6
Other comprehensive (loss)/income for the year
Cash flow hedges reclassified and reported in net
profit:
Fuel costs and emission charges
83
\u2013
\u2013
\u2013
\u2013
83
\u2013
Currency differences
(3)
\u2013
\u2013
\u2013
\u2013
(3)
\u2013
Finance costs
(1)
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Ineffectiveness recognised in other non-
operating costs
1
\u2013
\u2013
\u2013
\u2013
1
\u2013
Net change in fair value of cash flow hedges
(516)
\u2013
\u2013
\u2013
\u2013
(516)
\u2013
Net change in fair value of other equity
investments
51
\u2013
\u2013
\u2013
\u2013
51
\u2013
Net change in fair value of cost of hedging
\u2013
(11)
\u2013
\u2013
\u2013
(11)
\u2013
Cost of hedging reclassified and reported in net
profit
\u2013
46
\u2013
\u2013
\u2013
46
\u2013
Fair value movements on liabilities attributable
to\u00a0credit risk changes
(12)
\u2013
\u2013
\u2013
\u2013
(12)
\u2013
Currency translation differences
\u2013
\u2013
(170)
\u2013
\u2013
(170)
\u2013
Hedges transferred and reported in property,
plant and equipment
16
(3)
\u2013
\u2013
\u2013
13
\u2013
Hedges transferred and reported in sales in
advance of carriage
(20)
\u2013
\u2013
\u2013
\u2013
(20)
\u2013
Hedges transferred and reported in inventory
(9)
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
Cancellation of share capital
\u2013
\u2013
\u2013
\u2013
24
24
\u2013
31 December 2025
(466)
(18)
(152)
(2,467)
891
(2,212)
6
Other reserves
\u20ac million
Unrealised
gains and
losses 1
Cost of
hedging
reserve 2
Currency
translation3
Merger
reserve4
Redeemed
capital
reserve5
Total other
reserves
Non-
controlling
interest
1 January 2024
(178)
(118)
(100)
(2,467)
867
(1,996)
6
Other comprehensive (loss)/income for the year
Cash flow hedges reclassified and reported in
net profit:
Fuel costs and emission charges
93
\u2013
\u2013
\u2013
\u2013
93
\u2013
Currency differences
3
\u2013
\u2013
\u2013
\u2013
3
\u2013
Finance costs
(11)
\u2013
\u2013
\u2013
\u2013
(11)
\u2013
Ineffectiveness recognised in other non-
operating costs
(16)
\u2013
\u2013
\u2013
\u2013
(16)
\u2013
Net change in fair value of cash flow hedges
53
\u2013
\u2013
\u2013
\u2013
53
\u2013
Net change in fair value of other equity
investments
(19)
\u2013
\u2013
\u2013
\u2013
(19)
\u2013
Net change in fair value of cost of hedging
\u2013
24
\u2013
\u2013
\u2013
24
\u2013
Cost of hedging reclassified and reported in net
profit
\u2013
48
\u2013
\u2013
\u2013
48
\u2013
Fair value movements on liabilities attributable
to credit risk changes
(44)
\u2013
\u2013
\u2013
\u2013
(44)
\u2013
Currency translation differences
\u2013
\u2013
118
\u2013
\u2013
118
\u2013
Hedges transferred and reported in\u00a0property,
plant and equipment
(6)
(5)
\u2013
\u2013
\u2013
(11)
\u2013
Hedges transferred and reported in\u00a0sales in
advance of carriage
59
1
\u2013
\u2013
\u2013
60
\u2013
Hedges transferred and reported in\u00a0inventory
10
\u2013
\u2013
\u2013
\u2013
10
\u2013
31 December 2024
(56)
(50)
18
(2,467)
867
(1,688)
6
1 The unrealised gains and losses reserve records fair value changes in equity investments and the portion of the amounts of hedging instruments
in\u00a0cash flow hedges that are determined to be effective hedges. The amounts at 31 December 2025 that relate to the fair value changes in equity
instruments and to the cash flow hedge reserve were a \u20ac170 million credit and \u20ac653 million charge, respectively.
2 The cost of hedging reserve records, among others, changes i n the time value of options.
3 The currency translation reserve records exchange differences arising from the translation of the financial statements of non-euro functional currency
subsidiaries and investments accounted for under the equity method into the Group\u2019s reporting currency of euros. The movement through this
reserve is affected by fluctuations in the pound sterling to euro foreign exchange translation rate.
4 The merger reserve originated from the merger transaction between British Airways and Iberia. The balance represents the difference between
the\u00a0fair value of the Group on the transaction date and the fair value of Iberia and the book value of British Airways (including its reserves).
5 Capital reserves include a Redeemed capital reserve of \u20ac 94 million (2024 : \u20ac70 million) associated with the decrease in share capital relating
to\u00a0cancelled shares, and a Share capital reduction reserve of \u20ac797 million (2024: \u20ac797 million) associated with a historical reduction in the nominal
value of the Company\u2019s share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-815": { "value": "
33 Other reserves and non-controlling interests
For the year to 31 December 2025
Other reserves
\u20ac million
Unrealised
gains and
losses 1
Cost of
hedging
reserve 2
Currency
translation3
Merger
reserve4
Capital
reserves 5
Total other
reserves
Non-
controlling
interest
1 January 2025
(56)
(50)
18
(2,467)
867
(1,688)
6
Other comprehensive (loss)/income for the year
Cash flow hedges reclassified and reported in net
profit:
Fuel costs and emission charges
83
\u2013
\u2013
\u2013
\u2013
83
\u2013
Currency differences
(3)
\u2013
\u2013
\u2013
\u2013
(3)
\u2013
Finance costs
(1)
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Ineffectiveness recognised in other non-
operating costs
1
\u2013
\u2013
\u2013
\u2013
1
\u2013
Net change in fair value of cash flow hedges
(516)
\u2013
\u2013
\u2013
\u2013
(516)
\u2013
Net change in fair value of other equity
investments
51
\u2013
\u2013
\u2013
\u2013
51
\u2013
Net change in fair value of cost of hedging
\u2013
(11)
\u2013
\u2013
\u2013
(11)
\u2013
Cost of hedging reclassified and reported in net
profit
\u2013
46
\u2013
\u2013
\u2013
46
\u2013
Fair value movements on liabilities attributable
to\u00a0credit risk changes
(12)
\u2013
\u2013
\u2013
\u2013
(12)
\u2013
Currency translation differences
\u2013
\u2013
(170)
\u2013
\u2013
(170)
\u2013
Hedges transferred and reported in property,
plant and equipment
16
(3)
\u2013
\u2013
\u2013
13
\u2013
Hedges transferred and reported in sales in
advance of carriage
(20)
\u2013
\u2013
\u2013
\u2013
(20)
\u2013
Hedges transferred and reported in inventory
(9)
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
Cancellation of share capital
\u2013
\u2013
\u2013
\u2013
24
24
\u2013
31 December 2025
(466)
(18)
(152)
(2,467)
891
(2,212)
6
Other reserves
\u20ac million
Unrealised
gains and
losses 1
Cost of
hedging
reserve 2
Currency
translation3
Merger
reserve4
Redeemed
capital
reserve5
Total other
reserves
Non-
controlling
interest
1 January 2024
(178)
(118)
(100)
(2,467)
867
(1,996)
6
Other comprehensive (loss)/income for the year
Cash flow hedges reclassified and reported in
net profit:
Fuel costs and emission charges
93
\u2013
\u2013
\u2013
\u2013
93
\u2013
Currency differences
3
\u2013
\u2013
\u2013
\u2013
3
\u2013
Finance costs
(11)
\u2013
\u2013
\u2013
\u2013
(11)
\u2013
Ineffectiveness recognised in other non-
operating costs
(16)
\u2013
\u2013
\u2013
\u2013
(16)
\u2013
Net change in fair value of cash flow hedges
53
\u2013
\u2013
\u2013
\u2013
53
\u2013
Net change in fair value of other equity
investments
(19)
\u2013
\u2013
\u2013
\u2013
(19)
\u2013
Net change in fair value of cost of hedging
\u2013
24
\u2013
\u2013
\u2013
24
\u2013
Cost of hedging reclassified and reported in net
profit
\u2013
48
\u2013
\u2013
\u2013
48
\u2013
Fair value movements on liabilities attributable
to credit risk changes
(44)
\u2013
\u2013
\u2013
\u2013
(44)
\u2013
Currency translation differences
\u2013
\u2013
118
\u2013
\u2013
118
\u2013
Hedges transferred and reported in\u00a0property,
plant and equipment
(6)
(5)
\u2013
\u2013
\u2013
(11)
\u2013
Hedges transferred and reported in\u00a0sales in
advance of carriage
59
1
\u2013
\u2013
\u2013
60
\u2013
Hedges transferred and reported in\u00a0inventory
10
\u2013
\u2013
\u2013
\u2013
10
\u2013
31 December 2024
(56)
(50)
18
(2,467)
867
(1,688)
6
1 The unrealised gains and losses reserve records fair value changes in equity investments and the portion of the amounts of hedging instruments
in\u00a0cash flow hedges that are determined to be effective hedges. The amounts at 31 December 2025 that relate to the fair value changes in equity
instruments and to the cash flow hedge reserve were a \u20ac170 million credit and \u20ac653 million charge, respectively.
2 The cost of hedging reserve records, among others, changes i n the time value of options.
3 The currency translation reserve records exchange differences arising from the translation of the financial statements of non-euro functional currency
subsidiaries and investments accounted for under the equity method into the Group\u2019s reporting currency of euros. The movement through this
reserve is affected by fluctuations in the pound sterling to euro foreign exchange translation rate.
4 The merger reserve originated from the merger transaction between British Airways and Iberia. The balance represents the difference between
the\u00a0fair value of the Group on the transaction date and the fair value of Iberia and the book value of British Airways (including its reserves).
5 Capital reserves include a Redeemed capital reserve of \u20ac 94 million (2024 : \u20ac70 million) associated with the decrease in share capital relating
to\u00a0cancelled shares, and a Share capital reduction reserve of \u20ac797 million (2024: \u20ac797 million) associated with a historical reduction in the nominal
value of the Company\u2019s share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-818": { "value": "
34 Employee benefit obligations
Significant accounting estimate applied \u2013 Employee benefit obligations: Airways Pension Scheme (APS) and New Airways
Pension Scheme (NAPS) key actuarial assumptions
At 31 December 2025, the Group recognised \u20ac17,776 million in respect of employee benefit obligations (2024: \u20ac19,796 million),
of\u00a0which \u20ac17,318 million related to the APS and NAPS obligations (2024: \u20ac19,275 million).
The calculation of the APS and NAPS employee benefit obligations is determined using the valuation requirements of IAS 19.
These\u00a0valuations involve making assumptions about discount rates, mortality rates and future pension increases. Due to the long-
term nature of these schemes, such assumptions are subject to significant uncertainty. The Group determines the assumptions
to\u00a0be\u00a0adopted in discussion with qualified actuaries. Any difference between these assumptions and the actual outcome will impact
future net assets and total comprehensive income. The impact of sensitising these assumptions is given below.
The Group operates a variety of post-employment benefit arrangements, covering both defined contribution and defined benefit
schemes. The Group also has a scheme for flight crew who meet certain conditions and as a result have the option of being placed
on reserve and retaining their employment relationship until reaching the statutory retirement age, or taking early retirement
(see\u00a0note 27).
Defined contribution schemes
The Group operates a number of defined contribution schemes for its employees.
Costs recognised in respect of defined contribution pension plans in Spain, the UK and Ireland for the year to 31 December 2025
were \u20ac297 million (2024: \u20ac292 million).
Defined benefit schemes
The principal funded defined benefit pension schemes within the Group are the APS and the NAPS, both of which are in the
UK\u00a0and\u00a0are closed to new members.
APS has been closed to new members since 1984, but remains open to future accrual for a small group of active members.
The\u00a0benefits provided under APS are based on final average pensionable pay and, for the majority of members, are subject
to\u00a0inflationary increases in payment.
NAPS has been closed to new members since 2003 and closed to future accrual since 2018. Following closure, members\u2019 deferred
pensions are increased annually by inflation up to 5% per annum (measured using the UK Government\u2019s annual Pension Increase
(Review) Orders, which since 2011 have been based on CPI).
APS and NAPS are governed by separate Trustee Boards. Although APS and NAPS have separate Trustee Boards, certain aspects
of\u00a0the business of the two schemes are common. APS and NAPS have developed certain joint working groups that are attended by
the Trustee Board members of each scheme although each Trustee Board reaches its decisions independently. There are sub-committees
which are separately responsible for the governance, operation and investments of each scheme. British Airways Pension Trustees
Limited holds the assets of both schemes on behalf of their respective Trustees. The Trustees are responsible for administering the
pension benefits in line with the pension scheme rules and relevant pensions legislation including applicable case law.
Triennially, the Trustees of APS and NAPS undertake actuarial valuations, which are subsequently agreed with British Airways
to\u00a0determine the cash contributions and any deficit payment plans through to the next valuation date, as well as ensuring that the
schemes have sufficient funds available to meet future benefit payments to members. These actuarial valuations are prepared using
the principles set out in UK pension legislation. This differs from the IAS 19 \u2018Employee benefits\u2019 valuation, which is used for deriving
the Income statement and Balance sheet positions and uses a best-estimate approach overall. The different purpose and principles
lead to different assumptions being used, and, therefore, a different estimate for the liabilities and funding levels.
During the year to 31 December 2025, the triennial valuations as at 31 March 2024 were finalised for APS and NAPS, which resulted
in\u00a0a surplus of \u20ac179 million (\u00a3153 million) for APS and a surplus of \u20ac2,023 million (\u00a31,730 million) for NAPS. The actuarial valuations
performed for APS and NAPS are different to the valuation performed as at 31 December 2025 under IAS 19 \u2018Employee benefits\u2019
mainly due to timing differences of the measurement dates and to the specific scheme assumptions in the actuarial valuation
performed as at 31 March 2024 compared with IAS 19 requirements used in the accounting valuation assumptions as at the balance
sheet date.
The actuarial valuation of neither APS nor NAPS is updated outside of the triennial valuations, making comparability between the
scheme liabilities applying the principles set out in UK pension legislation and the requirements of IAS 19 not possible. The principal
difference relates to the discount rate applied, which under the triennial actuarial valuation aligns with a prudent estimate of the
future investment returns on the assets of the respective schemes, whereas under IAS 19 the rates are based on high-quality
corporate bond yields, regardless of how the assets are\u00a0invested.
Other plans
British Airways also operates post-retirement schemes in a number of jurisdictions outside the UK. The principal scheme is the
British\u00a0Airways plc Pension Plan (USA) based in the United States and referred to as the \u2018US Plan\u2019. The US Plan is considered to be
a\u00a0defined benefit scheme and is closed to new members and to future accrual.
The majority of British Airways\u2019 other plans are fully funded, but there are also a number of unfunded plans, for which the Group
meets the benefit payment obligations as they fall due.
In addition, the IAG Loyalty and Aer Lingus operating segments operate certain defined benefit plans, both funded and unfunded.
Risk associated with the defined benefit schemes
The defined benefit schemes expose the Group to a range of risks, with the following being the most significant:
\u2022 Asset volatility risk \u2013 the scheme obligations are calculated using a discount rate set with reference to high-quality corporate bond
yields. If scheme assets underperform this yield, this will reduce the surplus/increase the deficit, depending on the scheme. Certain
of the schemes hold a significant amount of equities, which are expected to outperform corporate bonds in the long term while
creating volatility and risk in the short term;
\u2022 Longevity risk \u2013 the majority of the scheme obligations are to provide benefits over the life of the scheme members. An increase
in\u00a0life expectancy will result in a corresponding increase in the defined benefit obligation;
\u2022 Interest rate risk \u2013 a decrease in interest rates will increase plan liabilities, although this will be partially offset by an increase in the
value of certain of the scheme assets;
\u2022 Inflation risk \u2013 a significant proportion of the scheme obligations are linked to inflation, such that any increase in inflation will cause
an increase in the obligations. While certain of the scheme assets are indexed to inflation, any expected increase in the scheme
assets from inflation would be disproportionately lower than the increase in the scheme obligations; and
\u2022 Currency risk \u2013 a number of scheme assets are denominated in currencies other than pound sterling. Weakening of those
currencies, or strengthening of pound sterling, in the long term will have the effect of reducing the value of scheme assets.
a Cash payments and funding arrangements
Cash payments in respect of pension obligations comprise normal employer contributions by the Group and deficit contributions
based on the agreed deficit payment plans. Following the completion of the triennial valuations, as at 31 March 2024, for APS and
NAPS, neither scheme has a deficit contribution plan.
Total payments for the year to 31 December 2025 , net of service costs made by the Group, were \u20ac33 million (2024 : \u20ac37 million) being
the employer contributions of \u20ac34 million (2024: \u20ac38 million) less the current service cost of \u20ac1 million (2024: \u20ac1 million) (note 34 b,c).
Future funding arrangements
In total, the Group expects to pay \u20acnil in employer contributions to APS and NAPS in 2026 .
The following graph shows the undiscounted benefit payments to be made by the Trustees of APS and NAPS over the remaining
expected duration of the schemes:
Projected benefit payments from the balance sheet date (\u20ac million, unaudited)
\"83\"
n
APS
n
NAPS
The amounts and timing of these projected benefit payments are subject to the aforementioned risks to the schemes.
Deficit contributions
At 31 December 2025 , while the Group has no future committed deficit contributions for either APS or NAPS, it has the following
committed undiscounted deficit payments for other schemes, which are deductible for tax purposes at the statutory rate of tax:
\u20ac million
At 31 December 2025
Within 12 months
26
1-2 years
27
2-5 years
23
Greater than 5 years
\u2013
Total expected deficit payments
76
Deficit payments in respect of local arrangements outside the UK have been determined in accordance with local practice.
b Employee benefit scheme amounts recognised in the financial statements
i Amounts recognised on the Balance sheet
2025
\u20ac million
APS
NAPS
Other4
Total
Scheme assets at fair value1,2
5,418
14,625
416
20,459
Present value of scheme liabilities1
(5,236)
(12,082)
(458)
(17,776)
Net pension asset/(liability)
182
2,543
(42)
2,683
Effect of the asset ceiling3
(45)
(636)
(1)
(682)
Other employee benefit obligations
\u2013
\u2013
(12)
(12)
31 December 2025
137
1,907
(55)
1,989
Represented by:
Employee benefit asset
2,060
Employee benefit obligation5
(71)
Net employee benefit asset
1,989
2024
\u20ac million
APS
NAPS
Other4
Total
Scheme assets at fair value1
5,819
15,713
417
21,949
Present value of scheme liabilities1
(5,819)
(13,456)
(521)
(19,796)
Net pension asset/(liability)
\u2013
2,257
(104)
2,153
Effect of the asset ceiling3
\u2013
(564)
(2)
(566)
Other employee benefit obligations
\u2013
\u2013
(11)
(11)
31 December 2024
\u2013
1,693
(117)
1,576
Represented by:
Employee benefit asset
1,711
Employee benefit obligation5
(135)
Net employee benefit asset
1,576
1 Includes Additional Voluntary Contributions (AVCs), which the Trustees hold as assets to secure additional benefits on a defined contribution basis
for those members who elect to make such AVCs. At 31 December 2025, such assets were \u20ac296 million (2024: \u20ac317 million) with a corresponding
amount recorded in the scheme liabilities.
2 Included within the fair value of scheme assets are \u20ac1,592 million of private equities and alternatives at 31 December 2025 , where the fair value has
been determined based on the most recent third-party valuations. The dates of these valuations typically precede the balance sheet date and have
been adjusted for any cash movements between the date of the valuation and the balance sheet date. Typically, the valuation approach and inputs
for these investments are not through to the balance sheet date unless there are indications of significant market movements.
3 Both APS and NAPS are in an IAS 19 accounting surplus, which would be available to the Group as a refund upon wind up of the scheme. This refund
is restricted due to withholding taxes that would be payable by the Trustee arising on the net pension asset.
4 The net deferred tax asset recognised on the net employee benefit asset (2024 : asset) was \u20ac21 million at 31 December 2025 (2024: \u20ac34 million).
5 The\u00a0defined benefit obligation includes \u20ac9 million ( 2024: \u20ac20 million) arising from unfunded plans.
ii Amounts recognised in the Income statement
Pension costs charged to operating result are:
\u20ac million
2025
2024
Defined benefit plans:
Current service cost
1
1
Past service credit
(9)
\u2013
Administrative expenses
19
19
11
20
Defined contribution plans
297
292
Pension costs recorded as employee costs
308
312
\u20ac million
2025
2024
Interest income on scheme assets
(1,120)
(1,041)
Interest expense on scheme liabilities
1,007
951
Interest expense on asset ceiling
29
27
Net financing credit relating to pensions
(84)
(63)
iii Amounts recognised in the Statement of other comprehensive income
\u20ac million
2025
2024
Return on plan assets excluding interest income
249
2,024
Remeasurement of plan liabilities from changes in financial assumptions
(682)
(1,592)
Remeasurement of plan liabilities from changes in demographic assumptions
(117)
(235)
Remeasurement of experience losses
34
(208)
Remeasurement of the APS and NAPS asset ceilings
120
(220)
Pension remeasurements charged to Other comprehensive income
(396)
(231)
Tax arising on pension remeasurements
16
25
Pension remeasurements charged to Other comprehensive income, net of tax
(380)
(206)
c Fair value of scheme assets
i Investment strategies
For both APS and NAPS, the Trustee has ultimate responsibility for decision-making on investment matters, including the asset-
liability matching strategy. The latter is a form of investing designed to match the movement in pension plan assets with the
movement in the projected benefit obligation over time. The Trustees\u2019 investment committee adopts an annual business plan which
sets out investment objectives and work required to support achievement of these objectives. The committee also deals with the
monitoring of performance and activities, including work on developing the strategic benchmark to improve the risk return profile
of\u00a0the scheme where possible, as well as having a trigger-based dynamic governance process to be able to take advantage of
opportunities as they arise. The investment committee reviews the existing investment restrictions, performance benchmarks and
targets, as well as continuing to develop the de-risking and liability hedging portfolio.
Both schemes use derivative instruments for investment purposes and to manage exposures to financial risks, such as interest rate,
foreign exchange, longevity and liquidity risks arising in the normal course of business. Exposure to interest rate risk is managed
through the use of inflation-linked swap contracts. Foreign exchange forward contracts are entered into to mitigate the risk of
currency fluctuations. Longevity risk is managed through the use of buy-in insurance contracts, asset swaps and longevity swaps.
Along with existing contracts with Rothesay Life (as detailed in note 34c(iii)) and following the completion of a further longevity
swap in 2024, APS is 100% protected against all longevity risk and fully protected in relation to all pensions that were already being
paid as at 31 March 2018. APS is nearly 90% protected against interest rates and inflation (on a Retail Price Index (RPI) basis). NAPS
is 95% protected against interest rates and inflation (on a Consumer Price Index (CPI) basis).
The assets held by APS and NAPS are split between \u2018return-seeking assets\u2019 and \u2018liability-matching assets\u2019 depending on the maturity
of each scheme. At 31 December 2025, the actual asset allocation for NAPS was 17% (2024: 20%) in return seeking assets and 83%
(2024: 80%) in liability matching investments. For NAPS, the Trustee agreed an updated investment framework with British Airways
as part of the Scheme\u2019s 31 March 2021 actuarial valuation agreement. The Trustee aims towards an overall asset allocation with an
agreed modest expected return relative to liabilities and sufficient liquidity to manage investment risk appropriately on an ongoing
basis. The actual asset allocation for APS at 31 December 2025 was 1% (2024: 1%) in return seeking assets and 99% (2024: 99%)
in\u00a0liability matching investments. NAPS uses Liability Driven Investments (LDIs) to effectively hedge volatility in the scheme liabilities.
This is achieved through direct bond holdings as opposed to the use of derivatives and, as such, leverage is low. Accordingly,
as at 31 December 2025, NAPS has not been required to raise additional cash or liquidate existing assets in order to fund
derivative\u00a0positions.
ii Movement in scheme assets
A reconciliation of the opening and closing balances of the fair value of scheme assets is set out below:
\u20ac million
2025
2024
1 January
21,949
23,187
Interest income
1,120
1,041
Administrative expenses
(18)
(18)
Return on plan assets excluding interest income
(249)
(2,024)
Employer contributions 1
34
38
Benefits paid
(1,164)
(1,223)
Exchange movements
(1,213)
948
31 December
20,459
21,949
1 There were no employer contributions to APS or NAPS in 2025 (2024: \u20ac1 million contribution to APS).
iii Composition of scheme assets
Scheme assets held by the Group at 31 December comprise:
2025
\u20ac million
APS
NAPS
Other
Total
2024
Return seeking investments
Listed equities \u2013 UK
8
107
\u2013
115
128
Listed equities \u2013 rest of world
1
979
111
1,091
1,073
Private equities
22
528
19
569
667
Properties
\u2013
866
10
876
1,319
Alternative investments
14
1,009
\u2013
1,023
1,729
45
3,489
140
3,674
4,916
Liability matching investments
Government issued fixed bonds
1,079
4,119
204
5,402
5,782
Government issued index-linked bonds
609
7,833
10
8,452
9,400
Asset and longevity swaps
931
\u2013
\u2013
931
872
Insurance contract
2,922
\u2013
36
2,958
3,261
5,541
11,952
250
17,743
19,315
Other
Cash and cash equivalents
79
720
16
815
760
Derivative financial instruments
(247)
(1,581)
7
(1,821)
(3,075)
Other investments
\u2013
45
3
48
33
(168)
(816)
26
(958)
(2,282)
Total scheme assets
5,418
14,625
416
20,459
21,949
The fair values of the Group\u2019s scheme assets, which are not derived from quoted prices on active markets, are determined
depending on\u00a0the nature of the inputs used in determining the fair values (see note 30b for further details) and using the following
methods and\u00a0assumptions:
\u2022 Private equities are valued at fair value based on the most recent transaction price or third-party net asset, revenue or earnings-
based valuations that generally result in the use of significant unobservable inputs. The dates of these valuations typically precede
the balance sheet date and have been adjusted for any cash movements between the date of the valuation and the balance sheet
date. Typically, the valuation approach and inputs for these investments are not updated through to the balance sheet date unless
there are indications of significant market movements.
\u2022 Properties are valued based on an analysis of recent market transactions supported by market knowledge derived from third-
party professional valuers that generally result in the use of significant unobservable inputs.
\u2022 Alternative investments fair values, which predominantly include holdings in investment and infrastructure funds, are determined
based on the most recent available valuations applying the Net Asset Value methodology and issued by fund administrators or
investment managers and adjusted for any cash movements having occurred from the date of the valuation to the balance sheet
date. Typically, the valuation approach and inputs for these investments are not updated through to the balance sheet date unless
there are indications of significant market movements.
\u2022 Other investments predominantly include: interest receivable on bonds; dividends from listed and private equities that have been
declared but not received at the balance sheet date; receivables from the sale of assets for which the proceeds have not been
collected at the balance sheet date; and payables for the purchase of assets which have not been settled at the balance sheet date.
\u2022 Derivative financial instruments are entered into predominantly to mitigate interest rate and inflation rate risks. These derivative
financial instruments are stated at their fair value using pricing models and relevant market data as at the balance sheet date.
\u2022 Asset and longevity swaps \u2013 APS has a contract with Rothesay Life, entered into in 2010 and extended in 2013, which covers 25%
(2024: 25%) of the pensioner liabilities for an agreed list of members. Under the contract, to reduce the risk of long-term longevity
risk, Rothesay Life makes benefit payments monthly in respect of the agreed list of members in return for the contractual return
receivable on a portfolio of assets (made up of quoted government debt) held by the scheme and the contractual payments made
by APS to Rothesay Life on the longevity swaps. The Group holds the portfolio of assets at their fair value, with the government
debt held at their quoted market price and the swaps accounted for at their estimated discounted future cash flows.
During 2011, APS entered into a longevity swap with Rothesay Life, which covers an additional 21% (2024: 21%) of the pensioner
liabilities for the same agreed list of members as the 2010 contract. Under the longevity swap, to reduce the risk of long-term
longevity risk, APS makes a fixed payment to Rothesay Life each month reflecting the prevailing mortality assumptions at the
inception of the contract, and Rothesay Life makes a monthly payment to APS reflecting the actual monthly benefit payments
to\u00a0members. The cash flows are settled net each month. If pensioners live longer than expected at inception of the longevity swap,
Rothesay Life will make payments to the scheme to offset the additional cost of paying pensioners and if pensioners do not live
as\u00a0long as expected, then the scheme will make payments to Rothesay Life. The Group holds the longevity swap at fair value,
determined at the estimated discounted future cash flows.
During 2024, APS entered into a longevity swap with Zurich Assurance Ltd to transfer longevity risk in relation to an additional 7%
(2024: 7%) of the scheme\u2019s liabilities. Under the longevity swap, to remove the risk of long-term longevity risk, APS makes monthly
fixed payments to Zurich Assurance Ltd reflecting the prevailing mortality assumptions at the inception of the contract, and Zurich
Assurance Ltd makes a monthly payment to APS reflecting the actual monthly benefit payments to members. If pensioners live
longer than expected at inception of the longevity swap, Zurich Assurance Ltd will make payments to the scheme to offset the
additional cost of paying pensioners and if pensioners do not live as long as expected, then the scheme will make payments to
Zurich Assurance Ltd. The Group holds the longevity swap at fair value, determined at the estimated discounted future cash flows.
Insurance contract \u2013 during 2018, the Trustee of APS secured a buy-in contract with Legal & General. The buy-in contract covers
all\u00a0members in receipt of pensions from APS at 31 March 2018, excluding dependent children, receiving a pension at that date and
members in receipt of equivalent pension only benefits, who were alive on 1 October 2018. Benefits coming into payment for
retirements after 31 March 2018 are not covered. The contract covers benefits payable from 1 October 2018 onwards. The policy
covers approximately 60% of all benefits APS expects to pay out in future.
iv Effect of the asset ceiling
In measuring the valuation of the net defined benefit asset for each scheme, the Group limits such measurement to the lower of
the\u00a0surplus in each scheme and the respective asset ceiling. The asset ceiling represents the present value of the economic benefits
available in the form of a refund or a reduction in future contributions after they are paid into the plan. The Group has determined
that the recoverability of such surpluses, including minimum funding requirements, will be subject to withholding taxes in the UK,
payable by the Trustee.
The Group has determined that upon the wind up of the scheme, if the scheme is in surplus, including the incorporation of the
minimum funding requirements, then the surplus will be available as a refund or a reduction in future contributions after they are
paid into the scheme. The recovery of such amounts is subject to UK withholding tax payable by the Trustee. In measuring the
recoverability of the surplus for each scheme, the Group limits such measurement to the lower of the surplus in each scheme and
the\u00a0respective asset ceiling. The asset ceiling represents the present value of the economic benefits available upon wind up of the
scheme, less the application of withholding taxes in the UK, payable by\u00a0the Trustee, at 25%.
A reconciliation of the effect of the asset ceiling used in calculating the IAS 19 irrecoverable surplus in APS and NAPS is set out below:
\u20ac million
2025
2024
1 January
566
735
Interest expense
29
27
Remeasurements1
120
(220)
Exchange movements
(33)
24
31 December
682
566
1 Included within the 2024 remeasurements of the asset ceiling is an amount of \u20ac215 million (\u00a3184 million) that arose as a result of the reduction in the
UK rate of\u00a0withholding tax of 35% to 25%, resulting in an increase in the net employee benefit asset.
d Present value of scheme liabilities
i Movement in scheme liabilities
A reconciliation of the opening and closing balances of the present value of the defined benefit obligations is set out below:
\u20ac million
2025
2024
1 January
19,796
21,239
Current service cost
1
1
Past service credit
(9)
\u2013
Interest expense
1,006
950
Remeasurements \u2013 financial assumptions1
(682)
(1,592)
Remeasurements \u2013 demographic assumptions
(117)
(235)
Remeasurements \u2013 experience losses
34
(208)
Benefits paid
(1,164)
(1,223)
Exchange movements
(1,089)
864
31 December
17,776
19,796
1 Included in the remeasurements from financial assumptions is an amount of \u20ac51 million (2024 : reduction of \u20ac1,959 million) that reduces the scheme
liabilities relating to changes in the discount rates and an amount of \u20ac631 million (2024: increase of \u20ac367 million) that reduces the scheme liabilities
relating to\u00a0changes in inflation rates.
ii Scheme liability assumptions
The principal assumptions used for the purposes of the IAS 19 valuations were as follows:
2025
2024
% per annum
APS
NAPS
Other
schemes
APS
NAPS
Other
schemes
Discount rate 1
5.25
5.50
2.3 - 6.7
5.30
5.45
1.5 - 6.7
Rate of increase in pensionable pay2
2.90
\u2013
2.0 - 5.0
3.30
\u2013
2.0 - 5.0
Rate of increase of pensions in payment3
2.90
2.45
1.8 - 3.4
3.30
2.80
1.0 - 3.4
RPI rate of inflation
2.90
2.80
2.0 - 2.5
3.30
3.10
2.0 - 2.5
CPI rate of inflation
2.45
2.45
2.0 - 2.5
2.85
2.80
2.0 - 2.5
1 Discount rate is determined by reference to the yield on high quality corporate bonds of currency and term consistent with the scheme liabilities.
2 Rate of increase in pensionable pay, which reflects inflationary increases, is assumed to be in line with increases in RPI.
3 It has been assumed that the rate of increase of pensions in payment, which reflects inflationary increases, will be in line with CPI for NAPS and RPI
for APS as at 31 December 2025.
The current longevities underlying the values of the scheme liabilities were as follows:
Mortality assumptions
2025
2024
Life expectancy at age 60 for a:
\u2022 male currently aged 60
27.6
27.6
\u2022 male currently aged 40
28.0
29.0
\u2022 female currently aged 60
29.0
29.2
\u2022 female currently aged 40
30.9
31.3
For APS, the base mortality tables are based on the Agreed Valuation Basis (AVB) as agreed between British Airways and the
trustees of APS. For NAPS, the base mortality tables are based on analysis undertaken for the purpose of the triennial valuation
dated 31 March 2024. Future mortality improvements reflect the most recent model published by the UK actuarial profession\u2019s
Continuous Mortality Investigation (CMI), being its 2024 model. These standard mortality tables, for both APS and NAPS,
incorporate adjustments specific to the demographics of scheme members, including a long-term improvement parameter of 1.00%
per annum (2024: 1.00%).
For schemes in the United States, mortality rates were based on the MP-2021 mortality tables incorporating adjustments for the
long-term impact COVID-19 is expected to have on mortality.
At 31 December 2025, the weighted average duration of the defined benefit obligation was 8 years for APS (2024: 9 years) and
13 years for NAPS (2024: 13 years). The weighted average duration of the defined benefit obligations was 1 to 15 years for other
schemes (2024: 1 to 16 years). The weighted average duration represents a single figure for the average number of years over which
the employee benefit liability discounted cash flows is extinguished and is highly dependent on movements in the aforementioned
discount rates.
iii Sensitivity analysis
Reasonably possible changes at the balance sheet date to significant valuation assumptions, holding other assumptions constant,
would have affected the present value of scheme liabilities by the amounts shown:
2025
Increase in scheme liabilities
2024
Increase in scheme liabilities
\u20ac million
APS
NAPS
Other
schemes
APS
NAPS
Other
schemes
Discount rate (decrease of 50 basis points) 1
217
731
23
242
858
25
Future pension growth (increase of 50 basis points)1
194
720
4
217
822
2
Future mortality rate (one year increase in life
expectancy)
263
320
19
290
338
21
1 Sensitivities smaller than those disclosed can be approximately interpolated from those sensitivities above.
Although the analysis does not take into account the full distribution of cash flows expected under the plan, it does provide an
approximation of the sensitivity of the assumptions shown.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-819": { "value": "
Defined contribution schemes
The Group operates a number of defined contribution schemes for its employees.
Costs recognised in respect of defined contribution pension plans in Spain, the UK and Ireland for the year to 31 December 2025
were \u20ac297 million (2024: \u20ac292 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-820": { "value": "
Defined benefit schemes
The principal funded defined benefit pension schemes within the Group are the APS and the NAPS, both of which are in the
UK\u00a0and\u00a0are closed to new members.
APS has been closed to new members since 1984, but remains open to future accrual for a small group of active members.
The\u00a0benefits provided under APS are based on final average pensionable pay and, for the majority of members, are subject
to\u00a0inflationary increases in payment.
NAPS has been closed to new members since 2003 and closed to future accrual since 2018. Following closure, members\u2019 deferred
pensions are increased annually by inflation up to 5% per annum (measured using the UK Government\u2019s annual Pension Increase
(Review) Orders, which since 2011 have been based on CPI).
APS and NAPS are governed by separate Trustee Boards. Although APS and NAPS have separate Trustee Boards, certain aspects
of\u00a0the business of the two schemes are common. APS and NAPS have developed certain joint working groups that are attended by
the Trustee Board members of each scheme although each Trustee Board reaches its decisions independently. There are sub-committees
which are separately responsible for the governance, operation and investments of each scheme. British Airways Pension Trustees
Limited holds the assets of both schemes on behalf of their respective Trustees. The Trustees are responsible for administering the
pension benefits in line with the pension scheme rules and relevant pensions legislation including applicable case law.
Triennially, the Trustees of APS and NAPS undertake actuarial valuations, which are subsequently agreed with British Airways
to\u00a0determine the cash contributions and any deficit payment plans through to the next valuation date, as well as ensuring that the
schemes have sufficient funds available to meet future benefit payments to members. These actuarial valuations are prepared using
the principles set out in UK pension legislation. This differs from the IAS 19 \u2018Employee benefits\u2019 valuation, which is used for deriving
the Income statement and Balance sheet positions and uses a best-estimate approach overall. The different purpose and principles
lead to different assumptions being used, and, therefore, a different estimate for the liabilities and funding levels.
During the year to 31 December 2025, the triennial valuations as at 31 March 2024 were finalised for APS and NAPS, which resulted
in\u00a0a surplus of \u20ac179 million (\u00a3153 million) for APS and a surplus of \u20ac2,023 million (\u00a31,730 million) for NAPS. The actuarial valuations
performed for APS and NAPS are different to the valuation performed as at 31 December 2025 under IAS 19 \u2018Employee benefits\u2019
mainly due to timing differences of the measurement dates and to the specific scheme assumptions in the actuarial valuation
performed as at 31 March 2024 compared with IAS 19 requirements used in the accounting valuation assumptions as at the balance
sheet date.
The actuarial valuation of neither APS nor NAPS is updated outside of the triennial valuations, making comparability between the
scheme liabilities applying the principles set out in UK pension legislation and the requirements of IAS 19 not possible. The principal
difference relates to the discount rate applied, which under the triennial actuarial valuation aligns with a prudent estimate of the
future investment returns on the assets of the respective schemes, whereas under IAS 19 the rates are based on high-quality
corporate bond yields, regardless of how the assets are\u00a0invested.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-821": { "value": "
35 Supplemental cash flow information
a Reconciliation of movements of liabilities to cash flows arising from financing activities
\u20ac million
Bank loans,
other loans
and asset
financed
liabilities
Convertible
bonds
Lease
liabilities
Derivatives to
mitigate
volatility in
financial
liabilities
Total
Balance at 1 January 2025
7,683
1,016
8,646
(326)
17,019
Proceeds from borrowings
1,160
\u2013
\u2013
\u2013
1,160
Repayment of borrowings
(2,322)
\u2013
\u2013
\u2013
(2,322)
Repayment of lease liabilities
\u2013
\u2013
(1,344)
\u2013
(1,344)
Settlement of derivative financial instruments
\u2013
\u2013
\u2013
(193)
(193)
Total changes from financing cash flows
(1,162)
\u2013
(1,344)
(193)
(2,699)
Interest paid
(223)
(9)
(406)
9
(629)
Interest expense
236
9
416
\u2013
661
New leases and lease modifications
\u2013
\u2013
543
\u2013
543
Fair value movements
\u2013
213
\u2013
863
1,076
Other non-cash movements
\u2013
\u2013
(6)
\u2013
(6)
Exchange movements
(491)
\u2013
(854)
(9)
(1,354)
Balance at 31 December 2025
6,043
1,229
6,995
344
14,611
\u20ac million
Bank loans,
other loans
and asset
financed
liabilities
Convertible
bonds
Lease
liabilities
Derivatives to
mitigate
volatility in
financial
liabilities
Total
Balance at 1 January 2024
6,380
735
8,967
180
16,262
Proceeds from borrowings
1,474
\u2013
\u2013
\u2013
1,474
Repayment of borrowings
(410)
\u2013
\u2013
\u2013
(410)
Repayment of lease liabilities
\u2013
\u2013
(1,737)
\u2013
(1,737)
Settlement of derivative financial instruments
\u2013
\u2013
\u2013
(151)
(151)
Total changes from financing cash flows
1,064
\u2013
(1,737)
(151)
(824)
Interest paid
(233)
(9)
(472)
23
(691)
Interest expense
255
9
485
\u2013
749
New leases and lease modifications
\u2013
\u2013
988
\u2013
988
Fair value movements
\u2013
281
\u2013
(380)
(99)
Other non-cash movements
\u2013
\u2013
(7)
\u2013
(7)
Exchange movements
217
\u2013
422
2
641
Balance at 31 December 2024
7,683
1,016
8,646
(326)
17,019
b Reconciliation of movement in provisions included within Net cash flows from operating activities
\u20ac million
2025
2024
Opening provisions
4,501
3,740
Non-cash additions recorded in operating profit
1,153
1,121
Non-cash releases of unused provisions recorded in operating profit
(125)
(142)
Other non-cash amounts recorded within operating profit
13
18
Cash settlements relating to operating provisions
(719)
(411)
Less non-cash carbon-related obligations reported in operating profit (note 35c)
(378)
(304)
Movements in provisions recorded within net cash flows from operating activities
(56)
282
Movements in provisions recorded within Other comprehensive income
14
93
Movements elsewhere within the Balance sheet
16
41
Unrealised currency differences arising on provisions recorded within operating profit
(325)
147
Non-cash extinguishment of Carbon-related obligations
(320)
(236)
Add non-cash carbon-related obligations reported in operating profit (note 35c)
378
304
Movements in provisions recorded in the Income statement outside of operating profit
150
130
Closing provisions (note 27)
4,358
4,501
c Reconciliation of movement in carbon assets and obligations included within Net cash flows from operating activities
\u20ac million
2025
2024
Non-cash carbon-related obligations recorded in operating profit
378
304
Purchase of carbon-related assets
(496)
(242)
Movements in carbon-related assets and obligations recorded within net cash flows from operating activities
(118)
62
d Other items included within Net cash flows from operating activities
\u20ac million
2025
2024
Non-cash equity-settled share-based payments
(25)
61
Non-cash movements on derivative and non-derivative financial instruments
(43)
30
Settlement of interest rate derivatives
9
22
Other
(15)
(6)
(74)
107
e Details of Acquisition of property, plant and equipment and intangible assets within Net cash flows from investing activities
\u20ac million
2025
2024
Purchase of property, plant and equipment \u2013 fleet
2,506
2,035
Purchase of property, plant and equipment \u2013 other
404
296
Purchase of intangible assets
532
485
3,442
2,816
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-822": { "value": "
36 Related party transactions
The following transactions took place with related parties for the financial years to 31 December:
\u20ac million
2025
2024
Sales of goods and services
Sales to associates 1
13
6
Sales to significant shareholders 2
200
246
Purchases of goods and services
Purchases from associates 3
91
76
Purchases from significant shareholders 2
194
181
Receivables from related parties
Amounts owed by associates 4
29
20
Amounts owed by significant shareholders 5
96
91
Payables to related parties
Amounts owed to associates 6
12
10
Amounts owed to significant shareholders 5
37
15
1 Sales to associates: Consisted primarily of sales for airline-related services to Dunwoody Airline Services (Holding) Limited (\u2018Dunwoody\u2019) of \u20ac10
million ( 2024: \u20ac5 million), \u20ac2 million (2024: \u20ac1 million) to Serpista, S.A., Multiservicios Aeroportuarios, S.A., Viajes Ame, S.A.U., Sociedad Conjunta para
la Emisi\u00f3n y Gesti\u00f3n de Medios de Pago, EFC, S.A., Mundiplan Turismo y Ocio S.L. and Air Miles Espa\u00f1a, S.A. and \u20ac1 million (2024: nil) to LanzaJet,
Inc.
2 Sales to and purchases from significant shareholders principally relates to interline services, ground-handling services, the purchase of cargo
capacity, the provision of maintenance services and the income from licensing of the Avios brand with Qatar Airways (Q.C.S.C.).
3 Purchases from associates: Consisted primarily of \u20ac58 million of airport auxiliary services purchased from Multiservicios Aeroportuarios, S.A. (2024:
\u20ac50 million), \u20ac22 million of maintenance services received and the purchase of handling assets from Serpista, S.A. (2024: \u20ac 15 million) and \u20ac11 million
of handling services provided by Dunwoody (2024: \u20ac 11 million).
4 Amounts owed by associates: Consisted primarily of \u20ac27 million from two long-term loans provided to LanzaJet, Inc. (2024: \u20ac19 million) and \u20ac2
million of services provided to Dunwoody, Multiservicios Aeroportuarios, S.A., Serpista, S.A., Sociedad Conjunta para la Emisi\u00f3n y Gesti\u00f3n de Medios
de Pago, EFC, S.A., Viajes AME, S.A.U. and Mundiplan Turismo y Ocio, S.L. (2024: \u20ac1 million).
5 Amounts owed by and to significant shareholders related to Qatar Airways (Q.C.S.C.).
6 Amounts owed to associates: Consisted primarily of \u20ac7 million of auxiliary airport services to Multiservicios Aeroportuarios, S.A, Dunwoody and
Empresa Hispano Cubana de Mantenimiento de Aeronaves, Ibeca, S.A. (2024 : \u20ac7 million) and \u20ac5 million of maintenance of airport equipment to
Serpista, S.A. (2024: \u20ac3 million).
During the year to 31 December 2025, as part of the share buyback programmes (note 31a) the Group purchased 78,437,327 shares
(year to 31 December 2024: 12,032,014 shares) from Qatar Airways (Q.C.S.C.). The transactions were executed via banks on behalf of
the Company for a total consideration of \u20ac299 million (2024: \u20ac39 million), recording these shares as treasury shares.
During the year to 31 December 2025, the Group received dividends from associates of \u20ac5 million (2024: \u20ac4 million) (see note 18b).
During the year to 31 December 2025 British Airways met certain costs of administering its retirement benefit plans, including
the\u00a0provision of support services to the Trustees. Costs borne on behalf of the retirement benefit plans amounted to \u20ac81 thousand
(2024: \u20ac457\u00a0thousand) in relation to the costs of the Pension Protection Fund levy.
The Group has transactions with related parties that are conducted in the normal course of business of the airline and loyalty
operating companies, which include the provision of airline and related services and loyalty services. All such transactions are carried
out on an\u00a0arm\u2019s length basis.
For the year to 31 December 2025, the Group has not made any provision for expected credit loss arising relating to amounts owed
by related parties (2024: \u20acnil).
Significant shareholders
In this instance, significant shareholders are those parties who have the power to participate in the financial and operating
policy\u00a0decisions of the Group, as a result of their shareholdings in the Group, but who do not have control over these policies.
At 31 December 2025, the only significant shareholder of the Group was Qatar Airways (Q.C.S.C.).
At 31 December 2025 the Group had no cash deposit balances with shareholders who were not significant shareholde rs, holding
a\u00a0participation of more than 3% (2024: none).
Board of Directors and Management Committee remuneration
Compensation received by the Group\u2019s Board of Directors and Management Committee in 2025 and 2024 is as follows:
Year to 31 December
\u20ac million
2025
2024
Base salary, fees and benefits
Board of Directors
Short-term benefits
5
5
Share-based payments
\u2013
\u2013
Management Committee
Short-term benefits
16
17
Share-based payments
23
3
For the year to 31 December 2025, the Board of Directors includes remuneration for one executive director (31 December 2024:
one \u00a0e xecutive director). The Management Committee includes remuneration for 10 members (31 December 2024: 11 members)
and\u00a0excludes remuneration for the one executive director.
The Company provides life insurance for the executive director and all members of the Management Committee. For the year to
31 December 2025, the Company\u2019s obligation was \u20ac46 thousand (2024: \u20ac47 thousand).
At 31 December 2025 the transfer value of accrued pensions covered under defined benefit pension obligation schemes, relating
to\u00a0the current members of the Management Committee, totalled \u20ac3 million (2024: \u20ac4 million).
No loan or credit transactions were outstanding with directors or officers of the Group at 31 December 2025 (2024: \u20acnil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-823": { "value": "
The Group has transactions with related parties that are conducted in the normal course of business of the airline and loyalty
operating companies, which include the provision of airline and related services and loyalty services. All such transactions are carried
out on an\u00a0arm\u2019s length basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-824": { "value": "
Board of Directors and Management Committee remuneration
Compensation received by the Group\u2019s Board of Directors and Management Committee in 2025 and 2024 is as follows:
Year to 31 December
\u20ac million
2025
2024
Base salary, fees and benefits
Board of Directors
Short-term benefits
5
5
Share-based payments
\u2013
\u2013
Management Committee
Short-term benefits
16
17
Share-based payments
23
3
For the year to 31 December 2025, the Board of Directors includes remuneration for one executive director (31 December 2024:
one \u00a0e xecutive director). The Management Committee includes remuneration for 10 members (31 December 2024: 11 members)
and\u00a0excludes remuneration for the one executive director.
The Company provides life insurance for the executive director and all members of the Management Committee. For the year to
31 December 2025, the Company\u2019s obligation was \u20ac46 thousand (2024: \u20ac47 thousand).
At 31 December 2025 the transfer value of accrued pensions covered under defined benefit pension obligation schemes, relating
to\u00a0the current members of the Management Committee, totalled \u20ac3 million (2024: \u20ac4 million).
No loan or credit transactions were outstanding with directors or officers of the Group at 31 December 2025 (2024: \u20acnil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-825": { "value": "
37 Post balance sheet events
Final dividend
A final dividend of \u20ac0.05 per share was proposed by the Board of Directors on 26\u00a0February 2026 (31 December 2024: \u20ac0.06), and is
subject to approval at the annual general meeting. It is payable from 29\u00a0June 2026 to shareholders who are on the register at
26\u00a0June 2026. The final dividend amounting to \u20ac228 million, calculated based on the number of shares in issue less treasury shares
at the close of trading on 26\u00a0February 2026, has not been recognised as a liability in these consolidated financial statements. It will
be recognised in total equity in the year to 31 December 2026.
Return of excess cash
On 26\u00a0February 2026 the Board approved excess cash returns of \u20ac1.5 billion to be completed by the end of February 2027, starting
with a share buyback of \u20ac500 million to be completed by the end of May 2026.
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